Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $7,885,501.26 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 227,773 shares of Corebridge Financial stock in a transaction on Friday, October 30th. The shares were acquired at an average cost of $34.62 per share, with a total value of $7,885,501.26. Following the completion of the transaction, the insider directly owned 132,343,862 shares in the company, valued at $4,581,744,502.44. The trade was a 0.17% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more 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 Tuesday, November 3rd, Life Insurance Co Nippon acquired 356,096 shares of Corebridge Financial stock. The stock was acquired at an average cost of $36.13 per share, for a total transaction of $12,865,748.48.
• On Monday, November 2nd, Life Insurance Co Nippon acquired 190,251 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.23 per share, for a total transaction of $6,702,542.73.
• On Thursday, October 29th, Life Insurance Co Nippon acquired 246,521 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.50 per share, for a total transaction of $8,751,495.50.
• On Wednesday, October 28th, Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.26 per share, for a total transaction of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon bought 178,129 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.14 per share, with a total value of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.95 per share, with a total value of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.

Corebridge Financial Stock Performance

NYSE CRBG opened at $34.24 on Friday. The stock has a 50-day simple moving average of $34.39 and a two-hundred day simple moving average of $29.94. The firm has a market capitalization of $15.26 billion, a P/E ratio of 7.35, a PEG ratio of 0.53 and a beta of 1.05. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.71. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 2nd. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The company had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter in the previous year, the company earned $0.96 EPS. The firm’s quarterly revenue was down 20.0% compared to the same quarter last year. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 21.46%.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP purchased a new position in shares of Corebridge Financial in the second quarter worth about $99,469,000. WINTON GROUP Ltd acquired a new position in Corebridge Financial during the second quarter worth about $1,729,000. Man Group plc acquired a new position in Corebridge Financial during the second quarter worth about $1,089,000. Nykredit A S purchased a new stake in Corebridge Financial during the 2nd quarter valued at about $1,347,000. Finally, Squarepoint Ops LLC grew its stake in Corebridge Financial by 112.3% during the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock valued at $12,788,000 after acquiring an additional 236,266 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent research reports. TD Cowen upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. UBS Group boosted their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, October 6th. Barclays boosted their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Finally, Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $39.18.

Trending Headlines about Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued its substantial purchases, adding 356,096 shares for about $12.9 million on Nov. 3 and 190,251 shares for about $6.7 million on Nov. 2. The repeat buying may signal confidence, although the additions are small relative to its existing stake. Nippon Life transaction filing
• Positive Sentiment: Third-quarter EPS rose to $1.22 from $0.96 a year earlier. Management also pointed to strong annuity sales and momentum in advisory services, offering some support to the growth outlook. Q3 results presentation
• Negative Sentiment: Revenue was $4.50 billion, well below the $5.36 billion consensus estimate and down 20% year over year. EPS of $1.22 also narrowly missed the $1.23 estimate. The revenue shortfall and decline may be weighing more heavily on investor sentiment than the earnings growth and shareholder purchases. Corebridge Q3 operating earnings

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 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.