Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 805,782 Shares

Key Points

• Life Insurance Co Nippon purchased 805,782 Corebridge Financial shares at an average price of $34.15, investing approximately $27.5 million. Its stake rose 0.65% to 125.6 million shares, valued at about $4.29 billion.
• Corebridge reported quarterly EPS of $1.12, beating the $1.08 analyst consensus, though revenue of $4.30 billion fell short of estimates. The company declared a quarterly dividend of $0.25 per share, representing a 3.0% annualized yield.
• Shares recently traded at $33.23, while analysts maintain a “Moderate Buy” consensus with an average price target of $37.42; nine analysts rate the stock Buy and six rate it Hold.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 805,782 shares of the firm's stock in a transaction dated Monday, September 28th. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the acquisition, the insider owned 125,579,654 shares of the company's stock, valued at approximately $4,288,545,184.10. This trade represents a 0.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Friday, September 25th, Life Insurance Co Nippon acquired 178,840 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon acquired 258,878 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon bought 219,273 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon bought 296,868 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The stock was bought at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon bought 210,903 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.

Corebridge Financial Price Performance

Corebridge Financial stock traded down $0.54 during mid-day trading on Wednesday, hitting $33.23. 8,239,054 shares of the company traded hands, compared to its average volume of 4,987,790. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64. The stock has a market cap of $14.81 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The stock has a fifty day moving average price of $33.26 and a 200-day moving average price of $29.26.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for 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 quarter in the prior year, the firm earned $1.36 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in CRBG. Sequoia Financial Advisors LLC grew its stake in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after purchasing an additional 2,814 shares during the last quarter. Tidal Investments LLC increased its holdings in Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after purchasing an additional 27,992 shares during the period. National Pension Service raised its position in Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock valued at $591,000 after purchasing an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new position in Corebridge Financial during the 2nd quarter valued at approximately $1,729,000. Finally, Engineers Gate Manager LP purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $4,186,000. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on CRBG shares. Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Mizuho increased their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Piper Sandler lifted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.42.

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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