Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 253,776 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 253,776 shares of Corebridge Financial stock in a transaction on Tuesday, October 13th. The stock was purchased at an average cost of $34.68 per share, for a total transaction of $8,800,951.68. Following the purchase, the insider owned 128,387,932 shares in the company, valued at approximately $4,452,493,481.76. The trade was a 0.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large 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 Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.49 per share, for a total transaction of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon bought 336,750 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon bought 261,198 shares of Corebridge Financial stock. The shares were purchased 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 bought 606,912 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon purchased 65,711 shares of Corebridge Financial stock. The stock was acquired 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 purchased 187,155 shares of Corebridge Financial stock. The shares were 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 cost 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 shares were acquired 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 acquired 216,818 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.67 per share, with a total value of $7,300,262.06.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $34.43 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The stock has a market capitalization of $15.35 billion, a P/E ratio of 7.80, a PEG ratio of 0.48 and a beta of 1.07. The firm has a fifty day simple moving average of $33.82 and a two-hundred day simple moving average of $30.17. 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 (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the firm posted $1.36 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company upped their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. Barclays raised their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in Corebridge Financial in the 2nd quarter worth about $99,469,000. WINTON GROUP Ltd bought a new stake in Corebridge Financial in the second quarter worth about $1,729,000. Nykredit A S purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $1,347,000. Man Group plc purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $2,744,000. Institutional investors 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.