Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $4,580,895.04 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 131,333 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were purchased at an average cost of $34.88 per share, for a total transaction of $4,580,895.04. Following the acquisition, the insider directly owned 123,607,185 shares in the company, valued at $4,311,418,612.80. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 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 acquired 320,785 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The stock was bought at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Trading Down 2.9%

Shares of NYSE:CRBG traded down $1.01 on Tuesday, hitting $33.79. The company had a trading volume of 5,520,908 shares, compared to its average volume of 4,976,369. The firm’s 50-day simple moving average is $32.96 and its two-hundred day simple moving average is $28.89. The firm has a market capitalization of $15.06 billion, a price-to-earnings ratio of 19.76, a P/E/G ratio of 0.45 and a beta of 1.08. 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, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Analyst Ratings Changes

CRBG has been the topic of a number of recent research reports. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Mizuho boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler raised their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $37.42.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial in the second quarter worth $967,400,000. BlackRock Inc. purchased a new stake in shares of Corebridge Financial during the second quarter valued at $726,494,000. Norges Bank bought a new stake in Corebridge Financial in the 4th quarter worth about $611,550,000. Dimensional Fund Advisors LP raised its position in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after buying an additional 2,689,611 shares during the last quarter. Finally, Donald Smith & CO. Inc. purchased a new position in Corebridge Financial in the 2nd quarter worth about $168,134,000. Institutional investors own 98.25% of the company’s stock.

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, 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.