Life Insurance Co Nippon Acquires 320,785 Shares of Corebridge Financial (NYSE:CRBG) Stock

Key Points

• Life Insurance Co Nippon bought 320,785 Corebridge Financial shares at an average of $35.02 each, investing approximately $11.23 million. The purchase increased its stake by 0.26% to more than 123.3 million shares.
• Nippon has made several additional purchases since September 9, bringing its recent buying activity to roughly 1.14 million shares. Corebridge’s stock was trading near $34.89, close to its 52-week high of $35.64.
• Corebridge reported quarterly EPS of $1.12, exceeding analyst expectations, and declared a quarterly dividend of $0.25 per share. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock in a transaction on Wednesday, September 16th. The stock was purchased at an average price of $35.02 per share, with a total value of $11,233,890.70. Following the transaction, the insider directly owned 123,301,092 shares in the company, valued at approximately $4,318,004,241.84. This trade represents a 0.26% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major 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, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were purchased at an average price 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 stock was purchased at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Stock Performance

CRBG traded up $0.01 during trading on Friday, reaching $34.89. 9,134,202 shares of the company's stock were exchanged, compared to its average volume of 4,979,746. The company has a market capitalization of $15.55 billion, a P/E ratio of 20.40, a PEG ratio of 0.45 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $32.79 and a 200 day moving average price of $28.76. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week 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 company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the prior year, the company posted $1.36 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Pzena Investment Management LLC bought a new position in Corebridge Financial in the 2nd quarter valued at $967,400,000. BlackRock Inc. bought a new stake in shares of Corebridge Financial during the second quarter worth $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the fourth quarter worth $611,550,000. Dimensional Fund Advisors LP increased its stake in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after buying an additional 2,689,611 shares in the last quarter. Finally, Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial in the second quarter valued at $168,134,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRBG has been the topic of several analyst reports. Piper Sandler upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Barclays boosted their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Mizuho lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus price target 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, 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.

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