Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 602,103 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 602,103 shares of the stock in a transaction dated Wednesday, October 14th. The stock was acquired at an average cost of $34.03 per share, for a total transaction of $20,489,565.09. Following the completion of the transaction, the insider owned 128,990,035 shares of the company’s stock, valued at $4,389,530,891.05. The trade was a 0.47% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 Tuesday, October 13th, Life Insurance Co Nippon acquired 253,776 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon bought 336,750 shares of Corebridge Financial stock. The shares were acquired 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 acquired 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, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon bought 116,345 shares of Corebridge Financial stock. The stock was 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 purchased 65,711 shares of Corebridge Financial stock. The stock was acquired at an average cost 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 price of $34.27 per share, with a total value 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, with a total value 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.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $0.04 during midday trading on Friday, hitting $34.38. The company had a trading volume of 6,036,644 shares, compared to its average volume of 4,993,111. The business’s 50 day simple moving average is $33.82 and its two-hundred day simple moving average is $30.17. The stock has a market cap of $15.33 billion, a PE ratio of 20.11, a P/E/G ratio of 0.48 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.64.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Wells Fargo & Company upped their price target on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday. UBS Group raised their price objective on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 6th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.83.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue boosted its position in shares of Corebridge Financial by 5.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 24,915 shares of the company’s stock valued at $825,000 after acquiring an additional 1,196 shares in the last quarter. Sound Income Strategies LLC raised its position in Corebridge Financial by 1.8% in the third quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after purchasing an additional 9,980 shares in the last quarter. GAMMA Investing LLC lifted its stake in Corebridge Financial by 15.8% during the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares during the period. Farther Finance Advisors LLC lifted its stake in Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after purchasing an additional 590 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its stake in Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after purchasing an additional 2,814 shares during the period. 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.