Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $8,751,495.50 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 246,521 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was bought at an average price of $35.50 per share, with a total value of $8,751,495.50. Following the purchase, the insider directly owned 132,116,089 shares in the company, valued at approximately $4,690,121,159.50. This trade represents a 0.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock 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, with a total value of $6,702,542.73.
• On Friday, October 30th, Life Insurance Co Nippon bought 227,773 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.62 per share, for a total transaction of $7,885,501.26.
• On Wednesday, October 28th, Life Insurance Co Nippon bought 245,898 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.26 per share, for a total transaction of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon bought 178,129 shares of Corebridge Financial stock. The stock was purchased 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 purchased at an average price 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 purchased 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 stock was purchased 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 acquired 217,182 shares of Corebridge Financial stock. The stock was 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 acquired 193,357 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.51 per share, with a total value of $5,591,448.24.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $36.27 on Thursday. The company has a current ratio of 0.11, a quick ratio of 0.12 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $34.35 and a 200-day simple moving average of $29.92. The stock has a market cap of $16.17 billion, a P/E ratio of 7.75, a price-to-earnings-growth ratio of 0.51 and a beta of 1.05. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.71.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 2nd. The company reported $1.22 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 business had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the company earned $0.96 EPS. The business’s quarterly revenue was down 20.0% compared to the same quarter last year. Equities analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $967,400,000. BlackRock Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $726,494,000. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after acquiring an additional 2,689,611 shares during the period. Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $168,134,000. Finally, Davis Asset Management L.P. purchased a new stake in Corebridge Financial in the 2nd quarter valued at $166,054,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRBG. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company boosted their price objective 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. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $39.18.

Key Corebridge Financial News

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued adding to its already large CRBG holding, buying 227,773 shares for about $7.9 million on October 30 and another 190,251 shares for about $6.7 million on November 2. The repeated purchases may signal confidence from a major shareholder. Nippon Life Share Purchases
• Positive Sentiment: Third-quarter operating earnings rose year over year: Corebridge reported $1.22 per share versus $0.96 a year earlier. Management also highlighted strong annuity sales and momentum in advisory services, though the reported EPS was slightly below some analysts’ expectations. Corebridge Financial Q3 Operating Earnings Rise
• Neutral Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually. The dividend may support income-oriented investors but does not materially change the business outlook. Corebridge Financial Dividend Announcement
• Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a roughly 29% drop in premiums and deposits, raising concerns that weaker business volumes could weigh on future growth. Corebridge Q3 Premiums and Deposits

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.