Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 606,912 Shares of Company Stock

Key Points

• Life Insurance Co Nippon bought 606,912 Corebridge Financial shares at an average price of $34.40, investing approximately $20.9 million. The purchase increased its ownership by 0.48% to 127.4 million shares, and follows several other acquisitions in recent weeks.
• Corebridge shares recently traded at $34.10, down 1.0%, while the company reported quarterly earnings of $1.12 per share, beating estimates of $1.08. It also pays a quarterly dividend of $0.25, representing a 2.9% annualized yield.
• Analysts maintain a favorable outlook, with nine Buy ratings and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $38.58.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 606,912 shares of the stock in a transaction that occurred on Wednesday, October 7th. The shares were bought at an average cost of $34.40 per share, with a total value of $20,877,772.80. Following the completion of the transaction, the insider owned 127,393,018 shares in the company, valued at $4,382,319,819.20. The trade was a 0.48% 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 sales and purchases with the SEC.

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

• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The stock was bought 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 acquired 65,711 shares of Corebridge Financial stock. The shares were bought at an average price of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The stock was bought at an average price of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon bought 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 stock was acquired at an average price of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 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.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The shares were acquired 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 acquired 258,878 shares of Corebridge Financial stock. The shares were bought 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 acquired 219,273 shares of Corebridge Financial stock. The stock was bought at an average price of $34.13 per share, with a total value of $7,483,787.49.

Corebridge Financial Stock Down 1.0%

Shares of Corebridge Financial stock traded down $0.34 during trading on Friday, reaching $34.10. 4,423,764 shares of the company traded hands, compared to its average volume of 4,966,572. The firm has a market capitalization of $15.20 billion, a PE ratio of 19.94, a P/E/G ratio of 0.44 and a beta of 1.07. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.64. The company has a 50 day moving average price of $33.62 and a 200-day moving average price of $29.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data 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 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 business earned $1.36 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.64 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Institutional Trading of Corebridge Financial

Several institutional investors have recently made changes to their positions in CRBG. Wellington Management Group LLP purchased a new position in Corebridge Financial in the second quarter valued at about $99,469,000. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $1,729,000. Nykredit A S bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $1,347,000. Man Group plc bought a new position in Corebridge Financial during the second quarter valued at $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Corebridge Financial in the second quarter worth $2,744,000. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRBG. Jefferies Financial Group lifted their price target 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. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Barclays lifted their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday. Mizuho upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.58.

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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