Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 245,898 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, October 28th. The shares were purchased at an average cost of $35.26 per share, with a total value of $8,670,363.48. Following the completion of the acquisition, the insider owned 131,869,568 shares of the company’s stock, valued at $4,649,720,967.68. The trade was a 0.19% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% 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 Tuesday, October 27th, Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon purchased 182,826 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.95 per share, for a total transaction of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The shares were bought at an average price of $33.97 per share, for a total transaction of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The shares were 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 purchased 193,357 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The shares were 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 acquired 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The shares were 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 bought 602,103 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.03 per share, with a total value of $20,489,565.09.

Corebridge Financial Stock Down 1.4%

CRBG stock opened at $34.79 on Friday. The company has a 50 day moving average price of $34.12 and a two-hundred day moving average price of $29.84. 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 has a market capitalization of $15.51 billion, a P/E ratio of 20.35, a PEG ratio of 0.50 and a beta of 1.07. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.00.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results 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. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same quarter in the prior year, the company posted $1.36 EPS. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Announces Dividend

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

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in CRBG. Pzena Investment Management LLC acquired a new position in shares of Corebridge Financial during the second quarter valued at $967,400,000. BlackRock Inc. bought a new position in Corebridge Financial during the 2nd quarter valued at $726,494,000. Donald Smith & CO. Inc. acquired a new position in Corebridge Financial during the second quarter worth about $168,134,000. Davis Asset Management L.P. acquired a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $166,054,000. Finally, Wellington Management Group LLP bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $99,469,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRBG. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Finally, Barclays lifted their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.