Corebridge Financial (NYSE:CRBG) Hits New 12-Month High After Insider Buying Activity

Key Points

• Corebridge Financial shares reached a new 52-week high of $35.64 after major shareholder Nippon Life purchased more than 1 million shares across three transactions totaling approximately $34.7 million.
• Analyst sentiment remains favorable, with nine Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $39.00.
• The company reported quarterly EPS of $1.12, exceeding estimates, and maintains a quarterly dividend of $0.25, equivalent to a 2.8% annual yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) reached a new 52-week high during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $35.64 and last traded at $35.6170, with a volume of 3,720,579 shares. The stock had previously closed at $35.30.

Specifically, major shareholder Life Insurance Co Nippon bought 162,024 shares of the company's stock in a transaction on Monday, October 19th. The shares were bought at an average cost of $34.51 per share, with a total value of $5,591,448.24. Following the completion of the acquisition, the insider owned 130,010,127 shares of the company's stock, valued at approximately $4,486,649,482.77. This trade represents a 0.12% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Life Insurance Co Nippon purchased 347,195 shares of Corebridge Financial stock in a transaction dated Friday, October 16th. The stock was acquired at an average price of $34.71 per share, for a total transaction of $12,051,138.45. Following the completion of the transaction, the insider owned 129,848,103 shares in the company, valued at approximately $4,507,027,655.13. The trade was a 0.27% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 510,873 shares of the firm's stock in a transaction dated Thursday, October 15th. The stock was acquired at an average cost of $33.43 per share, with a total value of $17,078,484.39. Following the acquisition, the insider owned 129,500,908 shares of the company's stock, valued at approximately $4,329,215,354.44. This represents a 0.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

CRBG has been the topic of several research reports. Barclays increased their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 7th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Jefferies Financial Group upped their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Mizuho increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 7th. Finally, UBS Group raised their price target on Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a report on Tuesday, October 6th. 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Corebridge Financial Stock Performance

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 stock's fifty day moving average is $33.90 and its two-hundred day moving average is $30.48. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 0.50 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results 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 period in the previous year, the business posted $1.36 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is 58.48%.

Institutional Trading of Corebridge Financial

Several large investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc bought a new stake in Corebridge Financial during the 2nd quarter valued at $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial in the first quarter worth $30,000. Allworth Financial LP bought a new position in shares of Corebridge Financial in the second quarter worth $41,000. Versant Capital Management Inc increased its holdings in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in shares of Corebridge Financial during the second quarter valued at $57,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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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