Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $11,717,434.75 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 348,215 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The shares were bought at an average cost of $33.65 per share, for a total transaction of $11,717,434.75. Following the acquisition, the insider directly owned 126,144,687 shares in the company, valued at $4,244,768,717.55. This represents a 0.28% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 805,782 shares of Corebridge Financial stock. The shares were 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 shares were bought at an average price of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon purchased 258,878 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.85 per share, for a total transaction of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon acquired 219,273 shares of Corebridge Financial stock. The stock was purchased at an average price 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 price of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 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 bought 131,333 shares of Corebridge Financial stock. The shares were 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 bought 174,760 shares of Corebridge Financial stock. The shares were purchased 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 bought 320,785 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70.

Corebridge Financial Stock Up 0.0%

Shares of NYSE:CRBG opened at $34.03 on Monday. The firm has a fifty day moving average price of $33.40 and a two-hundred day moving average price of $29.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64. The company has a market cap of $15.17 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 0.43 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping 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 analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in CRBG. Rothschild Investment LLC grew its position in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Corebridge Financial by 1.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 61,642 shares of the company’s stock valued at $1,860,000 after purchasing an additional 633 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Corebridge Financial by 3.0% during the fourth quarter. CIBC Asset Management Inc now owns 23,245 shares of the company’s stock valued at $701,000 after purchasing an additional 686 shares during the period. Allworth Financial LP grew its holdings in shares of Corebridge Financial by 100.6% in the second quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after purchasing an additional 724 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of Corebridge Financial by 16.1% in the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after purchasing an additional 823 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CRBG. Mizuho lifted their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Jefferies Financial Group increased their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company 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 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.