Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 258,878 Shares

Key Points

• Life Insurance Co Nippon purchased 258,878 Corebridge shares at an average price of $33.85, investing approximately $8.76 million. The transaction increased its stake by 0.21% to 124.6 million shares valued at about $4.22 billion.
• Corebridge shares fell 3.2% to $33.76, despite the company reporting quarterly EPS of $1.12, exceeding analyst expectations of $1.08. Revenue of $4.30 billion was below the $4.66 billion consensus estimate.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a 3.0% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $37.42.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 258,878 shares of the firm's stock in a transaction dated Thursday, September 24th. The shares were acquired at an average price of $33.85 per share, for a total transaction of $8,763,020.30. Following the acquisition, the insider directly owned 124,595,032 shares of the company's stock, valued at approximately $4,217,541,833.20. The trade was a 0.21% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more 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 Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The shares were acquired at an average price 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 shares were acquired at an average cost of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon bought 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 bought 320,785 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The stock was purchased at an average price 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 purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Down 3.2%

NYSE CRBG traded down $1.11 during trading hours on Monday, reaching $33.76. 5,927,434 shares of the company's stock were exchanged, compared to its average volume of 4,965,778. The company's 50-day moving average is $33.16 and its two-hundred day moving average is $29.13. 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 company has a market capitalization of $15.05 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the company earned $1.36 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 4.61 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced 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 yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.

Analysts Set New Price Targets

A number of brokerages recently commented on CRBG. Piper Sandler upped their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Barclays upped their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in CRBG. Sequoia Financial Advisors LLC raised its position in Corebridge Financial by 23.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock valued at $420,000 after buying an additional 2,814 shares during the last quarter. Tidal Investments LLC lifted its holdings in Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock worth $2,673,000 after acquiring an additional 27,992 shares during the period. National Pension Service increased its position in shares of 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 second quarter valued at about $1,729,000. Finally, Engineers Gate Manager LP purchased a new position in Corebridge Financial in the second quarter valued at about $4,186,000. Institutional investors own 98.25% of the company's stock.

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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