Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 216,818 Shares of Stock

Key Points

• Life Insurance Co Nippon bought 216,818 Corebridge Financial shares at an average price of $33.67, a $7.3 million transaction that increased its ownership to 125.8 million shares. The purchase followed a series of additional acquisitions throughout September.
• Corebridge shares traded at $33.66, near their 12-month high of $35.64, while the company reported quarterly EPS of $1.12, topping estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.
• The company paid a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a roughly 3.0% yield; institutional investors own 98.25% of outstanding shares.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 216,818 shares of the business's stock in a transaction on Tuesday, September 29th. The shares were bought at an average price of $33.67 per share, with a total value of $7,300,262.06. Following the completion of the transaction, the insider directly owned 125,796,472 shares of the company's stock, valued at approximately $4,235,567,212.24. The trade was a 0.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% 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, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon bought 178,840 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon purchased 258,878 shares of Corebridge Financial stock. The shares were purchased 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 purchased 219,273 shares of Corebridge Financial stock. The stock was purchased 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 acquired 296,868 shares of Corebridge Financial stock. The stock was 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 stock was acquired at an average cost of $35.08 per share, with a total value 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 price 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 cost of $35.20 per share, for a total transaction of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were acquired 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 acquired 210,903 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.02 per share, with a total value of $7,385,823.06.

Corebridge Financial Stock Performance

NYSE CRBG traded up $0.54 during trading on Thursday, reaching $33.66. The company's stock had a trading volume of 5,437,845 shares, compared to its average volume of 4,990,181. 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 firm has a market capitalization of $15.00 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64. The firm has a 50 day moving average price of $33.29 and a 200 day moving average price of $29.34.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for 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 period last year, the firm earned $1.36 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is 58.48%.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. Sequoia Financial Advisors LLC increased 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 valued at $420,000 after buying an additional 2,814 shares during the period. Tidal Investments LLC lifted its position in shares of Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock worth $2,673,000 after purchasing an additional 27,992 shares during the period. National Pension Service lifted its position in shares of Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock worth $591,000 after purchasing an additional 9,375 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $1,729,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $4,186,000. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CRBG shares. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. Jefferies Financial Group boosted 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. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average 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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