Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 606,912 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 606,912 shares of the firm’s stock in a transaction that occurred on Wednesday, October 7th. The stock was purchased at an average cost of $34.40 per share, with a total value of $20,877,772.80. Following the acquisition, the insider owned 127,393,018 shares in the company, valued at $4,382,319,819.20. The trade was a 0.48% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon bought 65,711 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon purchased 187,155 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon acquired 348,215 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon bought 178,840 shares of Corebridge Financial stock. The shares were bought at an average price of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon purchased 258,878 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.13 per share, with a total value of $7,483,787.49.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.34 during midday trading on Friday, reaching $34.10. 4,423,764 shares of the company traded hands, compared to its average volume of 4,966,572. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64. The firm has a market capitalization of $15.20 billion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 0.44 and a beta of 1.07. The firm’s fifty day moving average price is $33.62 and its two-hundred day moving average price is $29.79.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $1.36 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.64 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.25 per share. 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 is 58.48%.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bell Investment Advisors Inc purchased a new position in Corebridge Financial in the second quarter worth $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial in the first quarter valued at $30,000. Allworth Financial LP purchased a new stake in Corebridge Financial during the second quarter valued at about $41,000. Versant Capital Management Inc lifted its stake 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 worth $46,000 after purchasing an additional 1,484 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new stake in Corebridge Financial during the second quarter worth about $57,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CRBG. TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Jefferies Financial Group lifted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Piper Sandler boosted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Finally, Mizuho raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.58.

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 institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.