Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 162,024 Shares

Key Points

• Life Insurance Co Nippon purchased 162,024 Corebridge Financial shares at an average price of $34.51, investing approximately $5.59 million and increasing its ownership to 130 million shares valued at about $4.49 billion.
• Corebridge shares rose 1% to $35.30, near their 52-week high of $35.64. The company recently beat quarterly EPS estimates and pays a $1.00 annualized dividend, yielding approximately 2.8%.
• Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus and an average price target of $39; institutional investors own approximately 98.25% of the stock.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 162,024 shares of the stock in a transaction on Monday, October 19th. The shares were acquired at an average cost of $34.51 per share, for a total transaction of $5,591,448.24. Following the transaction, the insider owned 130,010,127 shares of the company's stock, valued at approximately $4,486,649,482.77. The trade was a 0.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more 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 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was acquired at an average cost 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 shares were 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 acquired 602,103 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon bought 253,776 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon bought 143,190 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The stock was bought at an average price of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon bought 116,345 shares of Corebridge Financial stock. The stock was bought at an average price of $35.23 per share, for a total transaction 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, for a total transaction of $2,283,457.25.

Corebridge Financial Trading Up 1.0%

NYSE CRBG traded up $0.35 during trading hours on Wednesday, reaching $35.30. The company's stock had a trading volume of 5,464,396 shares, compared to its average volume of 4,986,613. The firm has a fifty day simple moving average of $33.86 and a 200-day simple moving average of $30.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The stock has a market cap of $15.74 billion, a P/E ratio of 20.64, a P/E/G ratio of 0.49 and a beta of 1.07.

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, topping 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 firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the firm posted $1.36 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Institutional Investors Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Pzena Investment Management LLC purchased a new stake in Corebridge Financial during the second quarter worth about $967,400,000. BlackRock Inc. bought a new stake in Corebridge Financial in the second quarter worth about $726,494,000. Donald Smith & CO. Inc. purchased a new position in Corebridge Financial in the second quarter valued at about $168,134,000. Davis Asset Management L.P. purchased a new position in Corebridge Financial in the second quarter valued at about $166,054,000. Finally, Wellington Management Group LLP bought a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $99,469,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRBG. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Mizuho increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. TD Cowen increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday. Barclays boosted their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Finally, Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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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