Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $4,938,623.10 in Stock

Key Points

• Life Insurance Co Nippon purchased 143,190 Corebridge Financial shares for approximately $4.94 million, increasing its ownership by 0.11% to 128.1 million shares. The purchase followed a series of additional acquisitions in recent weeks.
• Corebridge shares traded at $33.98, near their 12-month high of $35.64. The company reported quarterly adjusted earnings of $1.12 per share, beating estimates, but revenue of $4.30 billion fell short of expectations.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $38.83. Corebridge also pays a quarterly dividend of $0.25 per share, equivalent to a 2.9% annual yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 143,190 shares of the company's stock in a transaction that occurred on Monday, October 12th. The stock was bought at an average cost of $34.49 per share, with a total value of $4,938,623.10. Following the purchase, the insider owned 128,134,156 shares of the company's stock, valued at $4,419,347,040.44. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon bought 261,198 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon bought 606,912 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon bought 116,345 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.23 per share, with a total value of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon purchased 65,711 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon purchased 187,155 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.

Corebridge Financial Price Performance

CRBG traded down $0.42 during trading on Wednesday, hitting $33.98. 6,320,803 shares of the stock traded hands, compared to its average volume of 4,975,131. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The company has a market cap of $15.15 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 0.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50 day moving average price of $33.80 and a 200 day moving average price of $30.01.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same period in the prior year, the company earned $1.36 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.63 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's payout ratio is 58.48%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRBG. Barclays raised their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Wells Fargo & Company boosted their target price on Corebridge Financial from $39.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday. UBS Group boosted their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Finally, Mizuho increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus target price of $38.83.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pzena Investment Management LLC acquired a new position in shares of Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at $726,494,000. Dimensional Fund Advisors LP boosted its holdings in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at $168,134,000. Finally, Davis Asset Management L.P. bought a new stake in Corebridge Financial during the 2nd quarter worth $166,054,000. Institutional investors own 98.25% of the company's stock.

About Corebridge Financial

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.

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