Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $5,591,448.24 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 162,024 shares of the stock in a transaction on Monday, October 19th. The stock was purchased at an average price of $34.51 per share, for a total transaction of $5,591,448.24. Following the completion of the purchase, the insider owned 130,010,127 shares of the company’s stock, valued at approximately $4,486,649,482.77. This trade represents a 0.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.03 per share, with a total value of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon bought 253,776 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon bought 143,190 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon purchased 261,198 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.23 per share, with a total value of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.75 per share, with a total value of $2,283,457.25.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.35 during trading on Wednesday, hitting $35.30. 5,464,396 shares of the company were exchanged, compared to its average volume of 4,986,613. The stock has a 50 day moving average of $33.86 and a 200 day moving average of $30.40. The company has a market cap of $15.74 billion, a PE ratio of 20.64, a P/E/G ratio of 0.49 and a beta of 1.07. 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 52-week low of $22.19 and a 52-week high of $35.64.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the company earned $1.36 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid 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 yield of 2.8%. Corebridge Financial’s payout ratio is currently 58.48%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRBG. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. UBS Group boosted their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Finally, Barclays upped their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $27,000. Sonoma Allocations LLC purchased a new position in Corebridge Financial in the first quarter worth $30,000. Allworth Financial LP purchased a new position in Corebridge Financial in the second quarter worth $41,000. Versant Capital Management Inc grew its position in Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new position in Corebridge Financial in the second quarter valued at $57,000. Institutional investors own 98.25% of the company’s stock.

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 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.