Nippon Life Insurance Co. Acquires Shares of 121,956,256 Corebridge Financial, Inc. (NYSE:CRBG)

Nippon Life Insurance Co. bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 121,956,256 shares of the company’s stock, valued at approximately $3,650,151,000. Corebridge Financial accounts for 61.7% of Nippon Life Insurance Co.’s portfolio, making the stock its largest position. Nippon Life Insurance Co. owned approximately 21.44% of Corebridge Financial at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares in the last quarter. Xponance Inc. raised its holdings in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the last quarter. CIBC Asset Management Inc boosted its position in Corebridge Financial by 4.2% during the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock worth $571,000 after purchasing an additional 793 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators grew its holdings in Corebridge Financial by 43.1% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock valued at $87,000 after purchasing an additional 894 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.4 %

Shares of NYSE:CRBG opened at $32.71 on Friday. Corebridge Financial, Inc. has a 52 week low of $23.01 and a 52 week high of $34.66. The business has a fifty day simple moving average of $30.97 and a 200-day simple moving average of $29.79. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.05 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.8 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.81%. Corebridge Financial’s payout ratio is -44.02%.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $36.43.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.