Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) major shareholder Life Insurance Co Nippon bought 356,096 shares of the stock in a transaction on Tuesday, November 3rd. The stock was acquired at an average price of $36.13 per share, with a total value of $12,865,748.48. Following the completion of the acquisition, the insider owned 132,890,209 shares of the company’s stock, valued at $4,801,323,251.17. This represents a 0.27% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
- On Monday, November 2nd, Life Insurance Co Nippon acquired 190,251 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.23 per share, for a total transaction of $6,702,542.73.
- On Friday, October 30th, Life Insurance Co Nippon bought 227,773 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.62 per share, with a total value of $7,885,501.26.
- On Thursday, October 29th, Life Insurance Co Nippon purchased 246,521 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.50 per share, for a total transaction of $8,751,495.50.
- On Wednesday, October 28th, Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.26 per share, with a total value of $8,670,363.48.
- On Tuesday, October 27th, Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.14 per share, with a total value 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, with a total value of $6,389,768.70.
- On Friday, October 23rd, Life Insurance Co Nippon purchased 595,609 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.97 per share, with a total value of $20,232,837.73.
- On Thursday, October 22nd, Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
- On Wednesday, October 21st, Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock. The stock was acquired 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 acquired at an average price of $35.01 per share, with a total value of $6,769,428.57.
Corebridge Financial Stock Down 5.5%
Shares of NYSE:CRBG traded down $2.00 during midday trading on Thursday, hitting $34.24. 6,375,671 shares of the company’s stock were exchanged, compared to its average volume of 5,006,625. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.11 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.71. The company has a market cap of $15.26 billion, a PE ratio of 7.35, a price-to-earnings-growth ratio of 0.51 and a beta of 1.05. The stock has a 50 day moving average price of $34.35 and a 200-day moving average price of $29.92.
Corebridge Financial (NYSE:CRBG – Get Free Report) last announced its earnings results on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The company had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the previous year, the firm earned $0.96 EPS. The firm’s quarterly revenue was down 20.0% on a year-over-year basis. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.
Corebridge Financial Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on CRBG. Barclays upped their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. TD Cowen lifted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. UBS Group boosted their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Finally, Mizuho increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $39.18.
View Our Latest Stock Analysis on CRBG
Institutional Investors Weigh In On Corebridge Financial
A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP purchased a new stake in Corebridge Financial in the second quarter worth $99,469,000. WINTON GROUP Ltd bought a new stake in shares of Corebridge Financial in the second quarter valued at $1,729,000. Man Group plc purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $1,089,000. Nykredit A S purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $1,347,000. Finally, Squarepoint Ops LLC lifted its position in shares of Corebridge Financial by 112.3% during the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock valued at $12,788,000 after buying an additional 236,266 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.
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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