Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 296,868 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock in a transaction that occurred on Tuesday, September 22nd. The shares were purchased at an average price of $34.31 per share, with a total value of $10,185,541.08. Following the transaction, the insider owned 124,116,881 shares of the company’s stock, valued at $4,258,450,187.11. The trade was a 0.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% 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 Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Stock Performance

CRBG traded up $0.13 during trading on Thursday, hitting $34.02. The company’s stock had a trading volume of 4,754,647 shares, compared to its average volume of 4,967,006. The business’s 50 day simple moving average is $33.06 and its 200-day simple moving average is $29.00. The firm has a market cap of $15.17 billion, a PE ratio of 19.90, a P/E/G ratio of 0.43 and a beta of 1.08. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64. 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 issued its quarterly earnings data 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. The firm had revenue of $4.30 billion during 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 quarter in the previous year, the firm posted $1.36 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRBG. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Finally, TD Cowen upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in shares of Corebridge Financial during the second quarter valued at about $99,469,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in shares of Corebridge Financial in the fourth quarter worth about $5,358,000. WINTON GROUP Ltd bought a new position in Corebridge Financial during the second quarter valued at approximately $1,729,000. Bank of America Corp DE bought a new position in Corebridge Financial during the second quarter valued at approximately $56,787,000. Finally, BlackRock Inc. purchased a new position in Corebridge Financial during the 2nd quarter valued at approximately $726,494,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.