Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases 510,873 Shares of Stock

Key Points

• Life Insurance Co Nippon purchased 510,873 Corebridge Financial shares at an average price of $33.43, investing approximately $17.1 million and increasing its stake by 0.40% to 129.5 million shares. The purchase was part of a series of acquisitions totaling millions of dollars in recent weeks.
• Corebridge shares traded down 0.1% to $34.41, while the company reported quarterly EPS of $1.12, exceeding analyst expectations of $1.08. It also maintains a quarterly dividend of $0.25 per share, representing a 2.9% yield.
• Analysts remain broadly positive, with nine Buy ratings and five Holds contributing to a “Moderate Buy” consensus and an average price target of $38.83.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock in a transaction that occurred on Thursday, October 15th. The stock was purchased at an average cost of $33.43 per share, with a total value of $17,078,484.39. Following the completion of the purchase, the insider owned 129,500,908 shares in the company, valued at $4,329,215,354.44. The trade was a 0.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were bought 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 bought at an average price of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The stock was bought at an average price of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The stock was bought at an average cost 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 stock was bought 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 acquired 606,912 shares of Corebridge Financial stock. The shares were bought 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 acquired 116,345 shares of Corebridge Financial stock. The shares were bought 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 shares were bought 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 bought 187,155 shares of Corebridge Financial stock. The stock was bought 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 bought 272,208 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.07 per share, with a total value of $9,001,918.56.

Corebridge Financial Trading Down 0.1%

Shares of NYSE CRBG traded down $0.02 during trading on Monday, hitting $34.41. 3,747,860 shares of the company were exchanged, compared to its average volume of 4,985,509. The company has a fifty day moving average price of $33.83 and a 200-day moving average price of $30.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $15.34 billion, a PE ratio of 20.12, a P/E/G 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 quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

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

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in shares of Corebridge Financial by 5.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 24,915 shares of the company's stock worth $825,000 after purchasing an additional 1,196 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Corebridge Financial by 1.8% during the 3rd quarter. Sound Income Strategies LLC now owns 553,544 shares of the company's stock valued at $19,070,000 after buying an additional 9,980 shares during the last quarter. GAMMA Investing LLC grew its holdings in Corebridge Financial by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $193,000 after buying an additional 796 shares during the last quarter. Farther Finance Advisors LLC increased its position in Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock worth $185,000 after buying an additional 590 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after buying an additional 2,814 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CRBG shares. 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 report on Monday, October 12th. Piper Sandler upped their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Barclays raised their price objective on Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Finally, Mizuho boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.83.

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 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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