Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 136,466 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock in a transaction on Wednesday, September 9th. The shares were bought at an average cost of $33.78 per share, with a total value of $4,609,821.48. Following the completion of the purchase, the insider owned 122,125,993 shares in the company, valued at $4,125,416,043.54. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Corebridge Financial Stock Up 1.5%

Corebridge Financial stock opened at $34.70 on Friday. The stock has a 50 day moving average of $32.43 and a two-hundred day moving average of $28.53. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.00. The stock has a market capitalization of $15.47 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 0.44 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s payout ratio is currently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in CRBG. Sequoia Financial Advisors LLC lifted its stake in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after purchasing an additional 2,814 shares during the period. Tidal Investments LLC boosted its holdings in Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after buying an additional 27,992 shares in the last quarter. National Pension Service grew its position in Corebridge Financial by 83.2% during the second quarter. National Pension Service now owns 20,647 shares of the company’s stock worth $591,000 after buying an additional 9,375 shares during the period. WINTON GROUP Ltd purchased a new position in Corebridge Financial in the second quarter valued at about $1,729,000. Finally, Engineers Gate Manager LP purchased a new position in Corebridge Financial in the second quarter valued at about $4,186,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Mizuho raised their target price 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 boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Barclays increased their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Finally, UBS Group lifted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.42.

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.