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

Key Points

• Corebridge Financial reached a new 52-week high, trading as high as $35.43 after major shareholder Nippon Life purchased more than 608,000 shares across three transactions totaling approximately $20.9 million.
• Wall Street maintains a favorable outlook, with nine analysts rating the stock Buy and six rating it Hold. The consensus is “Moderate Buy”, with an average price target of $37.42.
• The company reported quarterly EPS of $1.12, exceeding estimates of $1.08, and declared a quarterly dividend of $0.25 per share, equivalent to a 2.9% annualized yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) hit a new 52-week high during trading on Thursday following insider buying activity. The company traded as high as $35.43 and last traded at $34.8720, with a volume of 5874540 shares traded. The stock had previously closed at $35.02.

Specifically, major shareholder Life Insurance Co Nippon acquired 295,967 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was bought at an average cost of $34.86 per share, for a total transaction of $10,317,409.62. Following the completion of the transaction, the insider directly owned 122,769,404 shares in the company, valued at $4,279,741,423.44. This represents a 0.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Life Insurance Co Nippon bought 176,300 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were purchased at an average cost of $34.01 per share, with a total value of $5,995,963.00. Following the purchase, the insider directly owned 122,302,293 shares of the company's stock, valued at $4,159,500,984.93. The trade was a 0.14% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In other news, major shareholder Life Insurance Co Nippon purchased 136,466 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were acquired at an average price of $33.78 per share, with a total value of $4,609,821.48. Following the completion of the transaction, the insider owned 122,125,993 shares of the company's stock, valued at $4,125,416,043.54. The trade was a 0.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company increased their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Piper Sandler upped their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Barclays lifted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $37.42.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $15.54 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. The business's fifty day simple moving average is $32.70 and its 200 day simple moving average is $28.70.

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 for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the business earned $1.36 earnings per share. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared 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 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is 58.48%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRBG. Rothschild Investment LLC increased its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after acquiring an additional 520 shares in the last quarter. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial in the 2nd quarter worth $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial in the 1st quarter worth $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial in the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc increased its stake in Corebridge Financial by 1,124.2% during the 2nd 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 in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.