Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 136,466 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 136,466 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were purchased at an average price of $33.78 per share, for a total transaction of $4,609,821.48. Following the completion of the acquisition, the insider owned 122,125,993 shares of the company’s stock, valued at $4,125,416,043.54. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Corebridge Financial Stock Up 1.5%

NYSE:CRBG traded up $0.52 on Friday, hitting $34.70. The stock had a trading volume of 3,785,043 shares, compared to its average volume of 4,951,960. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $15.47 billion, a P/E ratio of 20.29, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.00. The firm’s fifty day simple moving average is $32.33 and its two-hundred day simple moving average is $28.49.

Corebridge Financial (NYSE:CRBG) last posted its earnings results 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 net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the firm earned $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the company. Rothschild Investment LLC increased its position in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial during the 1st quarter worth $30,000. Allworth Financial LP bought a new position in shares of Corebridge Financial during the 2nd quarter worth $41,000. Finally, Versant Capital Management Inc increased its holdings in Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler boosted their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. UBS Group raised their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. 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 note on Tuesday, August 11th. Mizuho boosted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Finally, Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.42.

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.