Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 174,760 Shares

Key Points

• Life Insurance Co Nippon purchased 174,760 Corebridge Financial shares at an average price of $35.20, investing approximately $6.15 million. The transaction increased its holdings to 123.5 million shares, following several additional purchases in September.
• Corebridge shares traded near a 52-week high at $34.88, while analysts maintained a “Moderate Buy” consensus with an average price target of $37.42.
• The company reported quarterly EPS of $1.12, exceeding estimates, and declared a quarterly dividend of $0.25 per share, equivalent to a 2.9% annual yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 174,760 shares of the firm's stock in a transaction on Thursday, September 17th. The shares were acquired at an average cost of $35.20 per share, for a total transaction of $6,151,552.00. Following the completion of the acquisition, the insider owned 123,475,852 shares of the company's stock, valued at approximately $4,346,349,990.40. This trade represents a 0.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The shares were 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 acquired 210,903 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Trading Up 0.2%

Corebridge Financial stock traded up $0.07 during trading on Monday, hitting $34.88. The company's stock had a trading volume of 3,743,446 shares, compared to its average volume of 4,973,344. The stock's fifty day moving average is $32.88 and its 200 day moving average is $28.82. 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 1-year low of $22.19 and a 1-year high of $35.64. The stock has a market capitalization of $15.55 billion, a price-to-earnings ratio of 20.40, a P/E/G ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued 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 the consensus estimate 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 posted $1.36 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Announces Dividend

The business 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 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRBG. Rothschild Investment LLC lifted its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after purchasing an additional 520 shares during the period. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial during the second quarter valued at $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial in the 1st quarter valued at $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial in the second quarter worth $41,000. Finally, Versant Capital Management Inc lifted its position in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after purchasing an additional 1,484 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on CRBG. Mizuho upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Barclays upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average price target of $37.42.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.