Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 143,190 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 143,190 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The stock was bought at an average cost of $34.49 per share, for a total transaction of $4,938,623.10. Following the purchase, the insider directly owned 128,134,156 shares in the company, valued at $4,419,347,040.44. This trade represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 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 Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were bought at an average price of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The shares were bought 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 bought at an average price of $34.75 per share, for a total transaction of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon bought 187,155 shares of Corebridge Financial stock. The stock was bought at an average price of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.07 per share, with a total value of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The shares were bought at an average price of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon purchased 216,818 shares of Corebridge Financial stock. The shares were bought 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 purchased 805,782 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.

Corebridge Financial Trading Down 1.2%

Shares of Corebridge Financial stock opened at $33.98 on Thursday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The firm has a market capitalization of $15.15 billion, a PE ratio of 7.91, a P/E/G ratio of 0.49 and a beta of 1.07. The firm’s 50-day moving average price is $33.81 and its 200 day moving average price is $30.08.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business earned $1.36 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CRBG shares. Wells Fargo & Company lifted their price target on Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Mizuho upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. UBS Group increased their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC acquired a new stake in Corebridge Financial during the second quarter worth about $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial during the second quarter worth about $726,494,000. Dimensional Fund Advisors LP raised its stake in Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after purchasing an additional 2,689,611 shares during the period. Donald Smith & CO. Inc. purchased a new position in Corebridge Financial during the second quarter worth about $168,134,000. Finally, Davis Asset Management L.P. acquired a new position in Corebridge Financial in the 2nd quarter valued at about $166,054,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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 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.