Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 348,215 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 348,215 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were bought at an average cost of $33.65 per share, with a total value of $11,717,434.75. Following the completion of the acquisition, the insider directly owned 126,144,687 shares of the company’s stock, valued at $4,244,768,717.55. The trade was a 0.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 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, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The shares were bought at an average price of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The stock was bought at an average price of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon bought 178,840 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The shares were bought at an average price of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon acquired 131,333 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.20 per share, for a total transaction of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.02 per share, for a total transaction of $11,233,890.70.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded up $0.38 during trading hours on Friday, reaching $34.03. 5,299,285 shares of the stock traded hands, compared to its average volume of 4,991,819. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64. The firm has a market capitalization of $15.17 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 0.42 and a beta of 1.07. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $33.35 and a 200 day moving average price of $29.41.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations 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 prior year, the business earned $1.36 EPS. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Institutional Trading of Corebridge Financial

Several institutional investors have recently made changes to their positions in the business. Rothschild Investment LLC grew its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Corebridge Financial by 1.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 61,642 shares of the company’s stock worth $1,860,000 after acquiring an additional 633 shares during the period. CIBC Asset Management Inc lifted its stake in Corebridge Financial by 3.0% in the fourth quarter. CIBC Asset Management Inc now owns 23,245 shares of the company’s stock worth $701,000 after acquiring an additional 686 shares during the period. Allworth Financial LP grew 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 acquiring an additional 724 shares in the last quarter. Finally, State of Wyoming increased its position in Corebridge Financial by 16.1% during the 1st quarter. State of Wyoming now owns 5,919 shares of the company’s stock valued at $141,000 after purchasing an additional 823 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent research reports. Jefferies Financial Group raised their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Mizuho increased their target price 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. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Finally, TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.

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 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.