Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 193,357 Shares

Key Points

• Life Insurance Co Nippon bought 193,357 Corebridge Financial shares at an average $35.01 each, increasing its stake to 130.2 million shares valued at approximately $4.56 billion. The purchase continues a series of sizable acquisitions made throughout October.
• Corebridge shares rose 0.9% to $35.62, near their 52-week high of $35.64. The company recently exceeded quarterly EPS expectations, reporting $1.12 versus the $1.08 consensus, though revenue fell short of estimates.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $39.00; the company also pays a quarterly dividend of $0.25, representing a 2.8% annual yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 193,357 shares of the firm's stock in a transaction on Tuesday, October 20th. The stock was acquired at an average price of $35.01 per share, for a total transaction of $6,769,428.57. Following the completion of the purchase, the insider directly owned 130,203,484 shares in the company, valued at approximately $4,558,423,974.84. The trade was a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's stock 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 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The stock was acquired 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 purchased 347,195 shares of Corebridge Financial stock. The shares were acquired 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 acquired 510,873 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon acquired 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 acquired 253,776 shares of Corebridge Financial stock. The stock was bought at an average price of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The shares were bought at an average price of $34.49 per share, for a total transaction of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The stock was purchased 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 bought 261,198 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 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.

Corebridge Financial Trading Up 0.9%

Corebridge Financial stock traded up $0.32 during mid-day trading on Thursday, reaching $35.62. 3,723,159 shares of the company traded hands, compared to its average volume of 4,980,397. 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 firm's 50 day moving average price is $33.90 and its 200 day moving average price is $30.48. The firm has a market capitalization of $15.88 billion, a price-to-earnings ratio of 20.83, a P/E/G ratio of 0.50 and a beta of 1.07. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates 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 in the prior year, the business earned $1.36 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared 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 yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.

Analysts Set New Price Targets

A number of research firms have weighed in on CRBG. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. UBS Group raised their price objective on Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, October 6th. TD Cowen boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $39.00.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the stock. Pzena Investment Management LLC purchased a new stake in Corebridge Financial during the 2nd quarter valued at $967,400,000. BlackRock Inc. purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $726,494,000. Donald Smith & CO. Inc. purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $168,134,000. Davis Asset Management L.P. bought a new stake in shares of Corebridge Financial in the second quarter worth $166,054,000. Finally, Wellington Management Group LLP bought a new stake in shares of Corebridge Financial in the second quarter worth $99,469,000. 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 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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