Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Buys 356,096 Shares

Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) major shareholder Life Insurance Co Nippon bought 356,096 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were purchased at an average cost of $36.13 per share, for a total transaction of $12,865,748.48. Following the acquisition, the insider owned 132,890,209 shares of the company’s stock, valued at $4,801,323,251.17. This represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at 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, November 2nd, Life Insurance Co Nippon acquired 190,251 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.23 per share, with a total value of $6,702,542.73.
  • On Friday, October 30th, Life Insurance Co Nippon purchased 227,773 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.62 per share, with a total value of $7,885,501.26.
  • On Thursday, October 29th, Life Insurance Co Nippon purchased 246,521 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.50 per share, with a total value of $8,751,495.50.
  • On Wednesday, October 28th, Life Insurance Co Nippon bought 245,898 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.26 per share, for a total transaction of $8,670,363.48.
  • On Tuesday, October 27th, Life Insurance Co Nippon bought 178,129 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.14 per share, with a total value of $6,259,453.06.
  • On Monday, October 26th, Life Insurance Co Nippon purchased 182,826 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.95 per share, for a total transaction of $6,389,768.70.
  • On Friday, October 23rd, Life Insurance Co Nippon purchased 595,609 shares of Corebridge Financial stock. The stock was bought at an average price of $33.97 per share, for a total transaction of $20,232,837.73.
  • On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.15 per share, with a total value of $8,662,366.00.
  • On Wednesday, October 21st, Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.38 per share, with a total value of $7,683,899.16.
  • On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.

Corebridge Financial Price Performance

NYSE:CRBG traded down $2.00 during trading hours on Thursday, reaching $34.24. The company had a trading volume of 6,375,671 shares, compared to its average volume of 5,006,625. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.71. The firm has a market capitalization of $15.26 billion, a PE ratio of 7.35, a PEG ratio of 0.51 and a beta of 1.05. The stock has a 50-day moving average of $34.35 and a two-hundred day moving average of $29.92. The company has a quick ratio of 0.12, a current ratio of 0.11 and a debt-to-equity ratio of 0.21.

Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The business had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The company’s revenue for the quarter was down 20.0% compared to the same quarter last year. Analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CRBG. Wellington Management Group LLP bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $99,469,000. WINTON GROUP Ltd acquired a new stake in shares of Corebridge Financial during the second quarter worth $1,729,000. Man Group plc acquired a new stake in shares of Corebridge Financial during the second quarter worth $1,089,000. Nykredit A S bought a new position in Corebridge Financial during the second quarter worth $1,347,000. Finally, Squarepoint Ops LLC raised its stake in Corebridge Financial by 112.3% during the second quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock worth $12,788,000 after buying an additional 236,266 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent research reports. Jefferies Financial Group lifted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Barclays increased their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Mizuho raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. UBS Group boosted their price target on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 6th. Finally, TD Cowen upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 21st. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $39.18.

Read Our Latest Report on CRBG

About Corebridge Financial

(Get Free Report)

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.

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