Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Acquires 246,521 Shares

Key Points

• Life Insurance Co Nippon purchased 246,521 Corebridge Financial shares at an average price of $35.50, spending approximately $8.75 million. The transaction increased its stake by 0.19% to more than 132.1 million shares.
• The purchase was part of a broader buying streak in October, with Nippon acquiring millions of additional shares across multiple transactions, signaling continued accumulation by the major shareholder.
• Corebridge shares recently traded near $35, close to their 52-week high, while analysts maintain a “Moderate Buy” consensus with an average price target of $39. The company also pays a quarterly dividend of $0.25 per share, yielding about 2.9% annually.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 246,521 shares of Corebridge Financial stock in a transaction dated Thursday, October 29th. The stock was acquired at an average cost of $35.50 per share, with a total value of $8,751,495.50. Following the completion of the acquisition, the insider directly owned 132,116,089 shares in the company, valued at approximately $4,690,121,159.50. This trade represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 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 Wednesday, October 28th, Life Insurance Co Nippon purchased 245,898 shares of Corebridge Financial stock. The stock was bought at an average price of $35.26 per share, with a total value of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The shares were bought at an average price 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 bought 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 shares were bought at an average price 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 shares were purchased at an average cost of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon bought 347,195 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon purchased 510,873 shares of Corebridge Financial stock. The shares were purchased at an average cost of $33.43 per share, with a total value of $17,078,484.39.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.22 on Monday, hitting $35.03. The company's stock had a trading volume of 4,274,928 shares, compared to its average volume of 4,980,533. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.00. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $34.12 and a 200-day moving average price of $29.84. The company has a market capitalization of $15.62 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period last year, the firm posted $1.36 EPS. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company 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 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%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rakuten Investment Management Inc. raised its holdings in shares of Corebridge Financial by 20.8% in the 3rd quarter. Rakuten Investment Management Inc. now owns 16,666 shares of the company's stock worth $563,000 after purchasing an additional 2,869 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Corebridge Financial by 9.0% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 54,528 shares of the company's stock worth $1,806,000 after purchasing an additional 4,500 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth about $54,000. ProShare Advisors LLC increased its position in Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company's stock worth $331,000 after purchasing an additional 445 shares in the last quarter. Finally, Vise Technologies Inc. increased its position in Corebridge Financial by 24.4% during the 3rd quarter. Vise Technologies Inc. now owns 12,718 shares of the company's stock worth $421,000 after purchasing an additional 2,491 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on CRBG shares. Mizuho increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 7th. Barclays lifted their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Weiss Ratings raised Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday. Finally, Jefferies Financial Group raised their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.00.

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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