Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 336,750 Shares

Key Points

• Life Insurance Co Nippon purchased 336,750 Corebridge Financial shares at an average price of $34.07, worth approximately $11.47 million. The major shareholder now owns 127.99 million shares, and has made multiple additional purchases in recent weeks.
• Corebridge shares recently traded at $33.98, near their 52-week high of $35.64. Analysts maintain a “Moderate Buy” consensus, with an average price target of $38.83.
• The company reported quarterly EPS of $1.12, exceeding estimates of $1.08, and pays a quarterly dividend of $0.25, representing a 2.9% annualized yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 336,750 shares of the firm's stock in a transaction that occurred on Friday, October 9th. The shares were acquired at an average price of $34.07 per share, with a total value of $11,473,072.50. Following the purchase, the insider owned 127,990,966 shares in the company, valued at $4,360,652,211.62. This trade represents a 0.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.49 per share, for a total transaction of $4,938,623.10.
• 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 shares were acquired at an average price of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The shares were acquired 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 stock was acquired at an average cost of $34.75 per share, for a total transaction of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon acquired 272,208 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.07 per share, with a total value of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon acquired 348,215 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.

Corebridge Financial Price Performance

NYSE CRBG traded down $0.42 on Wednesday, reaching $33.98. The company's stock had a trading volume of 6,320,803 shares, compared to its average volume of 4,975,131. The firm has a market cap of $15.15 billion, a PE ratio of 19.87, a price-to-earnings-growth ratio of 0.44 and a beta of 1.07. The business has a 50-day moving average price of $33.80 and a 200 day moving average price of $30.01. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations 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 last year, the company earned $1.36 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.63 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio is presently 58.48%.

Institutional Trading of Corebridge Financial

Hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC grew its stake in Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock valued at $185,000 after buying an additional 590 shares during the last quarter. Allworth Financial LP lifted its position in Corebridge Financial by 100.6% during the second quarter. Allworth Financial LP now owns 1,444 shares of the company's stock worth $41,000 after acquiring an additional 724 shares during the last quarter. GAMMA Investing LLC lifted its position in Corebridge Financial by 15.8% during the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock worth $193,000 after acquiring an additional 796 shares during the last quarter. State of Wyoming boosted its holdings in shares of Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company's stock worth $141,000 after acquiring an additional 823 shares during the period. Finally, Corient Private Wealth LP boosted its holdings in shares of Corebridge Financial by 1.2% during the second quarter. Corient Private Wealth LP now owns 72,562 shares of the company's stock worth $2,077,000 after acquiring an additional 858 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent analyst reports. Mizuho boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Wells Fargo & Company increased their price objective on Corebridge Financial from $39.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Finally, Barclays boosted their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $38.83.

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 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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