Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $7,300,262.06 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 216,818 shares of the business’s stock in a transaction that occurred on Tuesday, September 29th. The shares were acquired at an average cost of $33.67 per share, for a total transaction of $7,300,262.06. Following the completion of the acquisition, the insider owned 125,796,472 shares of the company’s stock, valued at $4,235,567,212.24. This trade represents a 0.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 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 Wednesday, September 30th, Life Insurance Co Nippon bought 348,215 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.65 per share, for a total transaction of $11,717,434.75.
• On Monday, September 28th, Life Insurance Co Nippon purchased 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 purchased 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 stock was bought at an average price of $33.85 per share, for a total transaction 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, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The shares were 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 purchased 131,333 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.02 per share, for a total transaction of $11,233,890.70.

Corebridge Financial Trading Up 1.1%

Corebridge Financial stock opened at $34.03 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $15.17 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.07. The stock has a 50-day moving average of $33.40 and a two-hundred day moving average of $29.44. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64.

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, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. 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 company posted $1.36 earnings per share. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CRBG shares. Jefferies Financial Group increased their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

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 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.