Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 246,440 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock in a transaction on Thursday, October 22nd. The shares were bought at an average cost of $35.15 per share, with a total value of $8,662,366.00. Following the completion of the purchase, the insider owned 130,667,106 shares in the company, valued at $4,592,948,775.90. The trade was a 0.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Wednesday, October 21st, Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon bought 162,024 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon bought 347,195 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon bought 261,198 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.30 per share, for a total transaction of $8,959,091.40.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.55 during trading hours on Monday, reaching $34.68. 3,524,803 shares of the company’s stock were exchanged, compared to its average volume of 5,340,487. 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 company’s 50 day moving average is $33.92 and its two-hundred day moving average is $29.73. The company has a market cap of $15.46 billion, a P/E ratio of 7.85, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping 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 firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after purchasing an additional 590 shares in the last quarter. Allworth Financial LP raised its stake in Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after purchasing an additional 724 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Corebridge Financial by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock valued at $193,000 after purchasing an additional 796 shares in the last quarter. State of Wyoming lifted its holdings in Corebridge Financial by 16.1% in the 1st quarter. State of Wyoming now owns 5,919 shares of the company’s stock valued at $141,000 after purchasing an additional 823 shares in the last quarter. Finally, Corient Private Wealth LP boosted its stake in shares of Corebridge Financial by 1.2% during the 2nd quarter. Corient Private Wealth LP now owns 72,562 shares of the company’s stock worth $2,077,000 after purchasing an additional 858 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRBG shares. TD Cowen boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Mizuho boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Finally, Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $39.00.

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 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.