Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 347,195 Shares

Key Points

• Life Insurance Co Nippon purchased 347,195 Corebridge Financial shares at an average price of $34.71, investing approximately $12.1 million. The purchase increased its holdings to 129.85 million shares, valued at about $4.51 billion.
• Nippon has made a series of Corebridge purchases since October 2, accumulating more than 3.2 million shares across the disclosed transactions, signaling continued buying by the major shareholder.
• Corebridge shares rose 1.7% to $34.99, near their 12-month high, while analysts maintain a “Moderate Buy” consensus with an average price target of $38.83. The company also pays a quarterly dividend of $0.25 per share, yielding approximately 2.9%.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock in a transaction on Friday, October 16th. The shares were bought at an average price of $34.71 per share, for a total transaction of $12,051,138.45. Following the purchase, the insider owned 129,848,103 shares of the company's stock, valued at $4,507,027,655.13. This represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large 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 Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The stock was purchased 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 purchased at an average price 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 shares were 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, for a total transaction of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon bought 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 purchased 261,198 shares of Corebridge Financial stock. The shares were 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 purchased 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 shares were purchased at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The stock was purchased at an average price 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 purchased at an average price of $34.27 per share, for a total transaction of $6,413,801.85.

Corebridge Financial Stock Up 1.7%

NYSE:CRBG traded up $0.58 on Tuesday, reaching $34.99. The stock had a trading volume of 4,178,650 shares, compared to its average volume of 4,984,239. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $33.83 and a 200 day moving average of $30.32. The stock has a market cap of $15.60 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same period last year, the firm earned $1.36 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is currently 58.48%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Finally, Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and a consensus target price of $38.83.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. Bell Investment Advisors Inc acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth about $27,000. Sonoma Allocations LLC bought a new stake in Corebridge Financial in the 1st quarter valued at about $30,000. Allworth Financial LP bought a new stake in Corebridge Financial in the 2nd quarter valued at about $41,000. Versant Capital Management Inc boosted its stake in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Corebridge Financial during the 2nd quarter valued at about $57,000. Institutional investors and hedge funds 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 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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