Life Insurance Co Nippon Purchases 131,333 Shares of Corebridge Financial (NYSE:CRBG) Stock

Key Points

• Life Insurance Co Nippon purchased 131,333 Corebridge Financial shares at an average price of $34.88, investing approximately $4.58 million. The transaction increased its holdings to 123.6 million shares, and followed more than 1.3 million additional shares bought during the prior several trading sessions.
• Corebridge shares fell 2.9% to $33.79, despite the company’s latest quarterly earnings of $1.12 per share exceeding analyst estimates. The company declared a quarterly dividend of $0.25 per share, representing a 3.0% annualized yield.
• Institutional investors own 98.25% of Corebridge, with major firms including Pzena Investment Management, BlackRock and Norges Bank recently building positions. 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 bought 131,333 shares of the business's stock in a transaction on Friday, September 18th. The shares were acquired at an average price of $34.88 per share, with a total value of $4,580,895.04. Following the completion of the purchase, the insider directly owned 123,607,185 shares of the company's stock, valued at approximately $4,311,418,612.80. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 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 Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon bought 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 purchased 210,903 shares of Corebridge Financial stock. The shares were bought at an average price 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 purchased 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 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 purchased 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Trading Down 2.9%

Shares of CRBG stock traded down $1.01 during trading hours on Tuesday, hitting $33.79. 5,520,908 shares of the company's stock traded hands, compared to its average volume of 4,976,369. The stock has a market cap of $15.06 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The stock's 50 day simple moving average is $32.96 and its 200 day simple moving average is $28.89. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the business posted $1.36 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC bought a new position in shares of Corebridge Financial during the 2nd quarter worth $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial in the 2nd quarter valued at approximately $726,494,000. Norges Bank bought a new stake in Corebridge Financial during the 4th quarter valued at $611,550,000. Dimensional Fund Advisors LP lifted its position in shares of Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. Finally, Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial in the second quarter worth $168,134,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of several research analyst reports. UBS Group increased their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Jefferies Financial Group boosted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Barclays increased their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price 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.

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