Corebridge Financial (NYSE:CRBG) Reaches New 12-Month High Following Insider Buying Activity

Key Points

• Corebridge Financial shares reached a new 52-week high of $35.67 after major shareholder Nippon Life purchased more than 1 million shares across three transactions totaling approximately $36.6 million.
• Analyst sentiment is favorable, with nine Buy ratings and five Holds producing a “Moderate Buy” consensus and a $39.00 average price target.
• The company reported quarterly EPS of $1.12, exceeding estimates by $0.04, and maintains a quarterly dividend of $0.25 per share, equivalent to a 2.8% yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) shares hit a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $35.67 and last traded at $35.32, with a volume of 105,442 shares traded. The stock had previously closed at $35.36.

Specifically, major shareholder Life Insurance Co Nippon acquired 595,609 shares of the company's stock in a transaction on Friday, October 23rd. The shares were acquired at an average cost of $33.97 per share, with a total value of $20,232,837.73. Following the completion of the acquisition, the insider directly owned 131,262,715 shares in the company, valued at $4,458,994,428.55. This trade represents a 0.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Life Insurance Co Nippon acquired 246,440 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average cost of $35.15 per share, with a total value of $8,662,366.00. Following the completion of the acquisition, the insider owned 130,667,106 shares in the company, valued at $4,592,948,775.90. This trade represents a 0.19% increase in their position. The disclosure for this purchase is available in the SEC filing. In related news, major shareholder Life Insurance Co Nippon purchased 217,182 shares of the business's stock in a transaction dated Wednesday, October 21st. The stock was purchased at an average cost of $35.38 per share, with a total value of $7,683,899.16. Following the completion of the acquisition, the insider directly owned 130,420,666 shares of the company's stock, valued at approximately $4,614,283,163.08. The trade was a 0.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CRBG shares. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Mizuho upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. TD Cowen increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, October 21st. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a report on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods boosted their price target 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. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Corebridge Financial Trading Down 0.1%

The firm has a fifty day moving average of $33.97 and a two-hundred day moving average of $29.78. The company has a market capitalization of $15.75 billion, a PE ratio of 20.67 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released 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. The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.25 per share. 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 (DPR) is 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pzena Investment Management LLC purchased a new position in Corebridge Financial in the 2nd quarter worth approximately $967,400,000. BlackRock Inc. purchased a new stake in Corebridge Financial during the 2nd quarter valued at $726,494,000. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. purchased a new position in shares of Corebridge Financial in the second quarter worth $168,134,000. Finally, Davis Asset Management L.P. purchased a new position in shares of Corebridge Financial in the second quarter worth $166,054,000. 98.25% of the stock is currently owned by institutional investors.

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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