Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Acquires 178,129 Shares

Key Points

• Life Insurance Co Nippon purchased 178,129 Corebridge Financial shares at an average price of $35.14, investing approximately $6.26 million. The transaction increased its ownership to 131.6 million shares, valued at about $4.63 billion, following a series of purchases in October.
• Corebridge shares traded near $35.30, close to their 52-week high of $36.00, while the company reported quarterly EPS of $1.12—above analyst expectations of $1.08—and declared a $0.25 quarterly dividend.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating from 14 analysts and an average price target of $39.00; nine analysts rate the stock Buy and five rate it Hold.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 178,129 shares of the company's stock in a transaction on Tuesday, October 27th. The shares were purchased at an average cost of $35.14 per share, with a total value of $6,259,453.06. Following the purchase, the insider owned 131,623,670 shares of the company's stock, valued at approximately $4,625,255,763.80. The trade was a 0.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.95 per share, for a total transaction of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.15 per share, with a total value of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The stock was bought at an average price of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.51 per share, for a total transaction of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The shares were bought at an average price of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.03 per share, with a total value of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon bought 253,776 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.68 per share, for a total transaction of $8,800,951.68.

Corebridge Financial Stock Down 0.0%

CRBG traded down $0.01 on Thursday, reaching $35.30. The company's stock had a trading volume of 4,947,454 shares, compared to its average volume of 4,983,539. The stock has a 50 day moving average of $34.01 and a two-hundred day moving average of $29.80. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.00. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 0.49 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the company posted $1.36 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRBG. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Barclays lifted their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Piper Sandler raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Mizuho increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. Finally, UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $39.00.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of CRBG. ProShare Advisors LLC lifted its holdings in shares of Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company's stock valued at $331,000 after buying an additional 445 shares during the period. Farther Finance Advisors LLC raised its position in Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock worth $185,000 after purchasing an additional 590 shares during the period. Allworth Financial LP boosted its position in Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company's stock valued at $41,000 after buying an additional 724 shares during the period. GAMMA Investing LLC increased its holdings in shares of Corebridge Financial by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $193,000 after acquiring an additional 796 shares during the period. Finally, State of Wyoming lifted its stake in shares of Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company's stock worth $141,000 after buying an additional 823 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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