Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 595,609 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock in a transaction on Friday, October 23rd. The stock was purchased at an average price of $33.97 per share, for a total transaction of $20,232,837.73. Following the completion of the acquisition, the insider owned 131,262,715 shares in the company, valued at $4,458,994,428.55. This represents a 0.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large 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, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The stock was purchased 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 shares were purchased at an average cost of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The shares were purchased at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were purchased 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 bought 253,776 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon bought 143,190 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.07 per share, with a total value of $11,473,072.50.

Corebridge Financial Stock Up 2.1%

Shares of Corebridge Financial stock opened at $35.38 on Wednesday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64. The firm has a market cap of $15.77 billion, a PE ratio of 20.69 and a beta of 1.07. The business’s fifty day moving average is $33.97 and its two-hundred day moving average is $29.78.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the business earned $1.36 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current 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 issued a $0.25 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.8%. Corebridge Financial’s payout ratio is 58.48%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial in the second quarter worth $967,400,000. BlackRock Inc. purchased a new position in shares of Corebridge Financial in the 2nd quarter valued at $726,494,000. Dimensional Fund Advisors LP lifted its holdings in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at $168,134,000. Finally, Davis Asset Management L.P. purchased a new stake in Corebridge Financial during the 2nd quarter worth $166,054,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Finally, UBS Group increased their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

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.