Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 295,967 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock in a transaction that occurred on Monday, September 14th. The stock was purchased at an average price of $34.86 per share, with a total value of $10,317,409.62. Following the completion of the purchase, the insider directly owned 122,769,404 shares in the company, valued at $4,279,741,423.44. This trade represents a 0.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Down 0.4%

CRBG opened at $34.87 on Thursday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.43. 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 company has a market capitalization of $15.54 billion, a P/E ratio of 20.39, a P/E/G ratio of 0.45 and a beta of 1.08. The stock has a fifty day moving average of $32.70 and a 200-day moving average of $28.70.

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, beating 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 company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the business posted $1.36 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its stake in Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after purchasing an additional 2,814 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares in the last quarter. National Pension Service grew its stake in shares of Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock valued at $591,000 after buying an additional 9,375 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $1,729,000. Finally, Engineers Gate Manager LP bought a new stake in Corebridge Financial in the 2nd quarter valued at about $4,186,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CRBG shares. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Mizuho raised their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.