Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 219,273 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 219,273 shares of Corebridge Financial stock in a transaction on Wednesday, September 23rd. The shares were bought at an average price of $34.13 per share, for a total transaction of $7,483,787.49. Following the acquisition, the insider owned 124,336,154 shares of the company’s stock, valued at approximately $4,243,592,936.02. The trade was a 0.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, September 22nd, Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded up $0.77 during midday trading on Friday, hitting $34.86. The stock had a trading volume of 3,746,490 shares, compared to its average volume of 4,960,507. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $15.54 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The company’s 50-day moving average price is $33.10 and its 200-day moving average price is $29.06. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company posted $1.36 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRBG. Rothschild Investment LLC boosted its holdings in Corebridge Financial by 133.3% in 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 approximately $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial in the 1st quarter valued at approximately $30,000. Allworth Financial LP purchased a new stake in Corebridge Financial in the second quarter worth $41,000. Finally, Versant Capital Management Inc lifted its position in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Mizuho upped their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. TD Cowen upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

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, 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.