Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 216,818 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 216,818 shares of the business’s stock in a transaction on Tuesday, September 29th. The shares were purchased at an average cost of $33.67 per share, for a total transaction of $7,300,262.06. Following the transaction, the insider directly owned 125,796,472 shares of the company’s stock, valued at approximately $4,235,567,212.24. The trade was a 0.17% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon acquired 178,840 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The shares were acquired 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 bought 219,273 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon bought 296,868 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.08 per share, with a total value of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.20 per share, for a total transaction of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.02 per share, for a total transaction of $7,385,823.06.

Corebridge Financial Trading Up 1.6%

Shares of CRBG stock traded up $0.54 during trading hours on Thursday, hitting $33.66. 5,437,845 shares of the company were exchanged, compared to its average volume of 4,990,181. The firm has a market cap of $15.00 billion, a P/E ratio of 19.68, a P/E/G ratio of 0.43 and a beta of 1.08. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64. 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 company has a 50 day simple moving average of $33.29 and a two-hundred day simple moving average of $29.34.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share 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 company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the business posted $1.36 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.62 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.25 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP bought a new stake in Corebridge Financial in the second quarter worth about $99,469,000. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $1,729,000. Bank of America Corp DE bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $56,787,000. Nykredit A S bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $1,347,000. Finally, Man Group plc bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $1,089,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. UBS Group increased their price target on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Mizuho boosted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has an average 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 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.