Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 193,357 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 193,357 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were purchased at an average price of $35.01 per share, with a total value of $6,769,428.57. Following the completion of the purchase, the insider owned 130,203,484 shares in the company, valued at approximately $4,558,423,974.84. This trade represents a 0.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.49 per share, for a total transaction of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was bought at an average price of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The stock was bought at an average price of $35.23 per share, with a total value of $4,098,834.35.

Corebridge Financial Stock Performance

Corebridge Financial stock traded up $0.32 during trading on Thursday, reaching $35.62. The company had a trading volume of 3,723,159 shares, compared to its average volume of 4,980,397. The firm has a market capitalization of $15.88 billion, a price-to-earnings ratio of 20.83, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $33.90 and its 200 day simple moving average is $30.48. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same quarter in the previous year, the company posted $1.36 earnings per share. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Finally, Mizuho boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Institutional Trading of Corebridge Financial

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP purchased a new position in Corebridge Financial during the second quarter worth approximately $99,469,000. WINTON GROUP Ltd purchased a new position in Corebridge Financial during the second quarter worth about $1,729,000. Nykredit A S purchased a new stake in Corebridge Financial in the second quarter valued at approximately $1,347,000. Man Group plc acquired a new position in Corebridge Financial in the 2nd quarter valued at about $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Corebridge Financial in the 2nd quarter valued at approximately $2,744,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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 and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.