Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $20,232,837.73 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 595,609 shares of the stock in a transaction on Friday, October 23rd. The shares were purchased at an average price of $33.97 per share, with a total value of $20,232,837.73. Following the acquisition, the insider owned 131,262,715 shares in the company, valued at approximately $4,458,994,428.55. The trade was a 0.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major 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 Tuesday, October 27th, Life Insurance Co Nippon acquired 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 acquired 182,826 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.95 per share, with a total value of $6,389,768.70.
• On Thursday, October 22nd, Life Insurance Co Nippon bought 246,440 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.15 per share, with a total value of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon bought 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 bought 162,024 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.51 per share, for a total transaction of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon purchased 347,195 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon purchased 510,873 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.03 per share, with a total value of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon acquired 253,776 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.68 per share, with a total value of $8,800,951.68.

Corebridge Financial Stock Down 0.0%

Shares of NYSE:CRBG opened at $35.30 on Friday. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 8.12, a P/E/G ratio of 0.50 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. The business’s 50-day moving average is $34.06 and its 200-day moving average is $29.82. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.00.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates 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 in the prior year, the company earned $1.36 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders 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 dividend yield of 2.8%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Analysts Set New Price Targets

Several analysts have recently weighed in on CRBG shares. Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. TD Cowen upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $39.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC lifted its position in Corebridge Financial by 4.7% in the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock valued at $331,000 after acquiring an additional 445 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock valued at $185,000 after purchasing an additional 590 shares during the last quarter. Allworth Financial LP increased its holdings in Corebridge Financial by 100.6% during the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after purchasing an additional 724 shares in the last quarter. GAMMA Investing LLC increased its holdings in Corebridge Financial by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares in the last quarter. Finally, State of Wyoming increased its holdings in Corebridge Financial by 16.1% during the 1st quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after purchasing an additional 823 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Corebridge Financial

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

• Positive Sentiment: Life Insurance Co Nippon purchased 178,129 shares on October 27 at an average of $35.14, investing approximately $6.26 million and increasing its position by 0.14%. The purchase followed a $6.39 million acquisition of 182,826 shares on October 26. SEC ownership filing
• Positive Sentiment: The repeated purchases indicate continued confidence from a major shareholder. Nippon also bought 595,609 shares for approximately $20.23 million on October 23, in addition to numerous purchases earlier in October. Across the October 23–27 transactions alone, the shareholder acquired more than 956,000 shares for roughly $32.9 million. Insider buying report
• Positive Sentiment: Analyst sentiment remains constructive: nine analysts rate CRBG a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $39. Recent targets range as high as $43, implying potential upside from current trading levels. Analyst ratings report
• Neutral Sentiment: CRBG has been trading near its 52-week high, with its 50-day and 200-day moving averages well below the current level. This reflects strong momentum but may also limit near-term upside if investors take profits.
• Negative Sentiment: The latest reported quarter showed mixed fundamentals: earnings per share of $1.12 exceeded estimates of $1.08, but revenue of $4.30 billion fell short of the $4.66 billion consensus, while EPS declined from $1.36 a year earlier. Analysts expect approximately $4.59 in full-year EPS.

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.