Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $5,995,963.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 176,300 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was purchased at an average price of $34.01 per share, for a total transaction of $5,995,963.00. Following the completion of the transaction, the insider directly owned 122,302,293 shares in the company, valued at $4,159,500,984.93. This trade represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.86 per share, with a total value of $10,317,409.62.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Stock Down 0.4%

Shares of NYSE:CRBG opened at $34.87 on Thursday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.43. 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 market capitalization of $15.54 billion, a PE ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. The company has a 50 day moving average price of $32.70 and a two-hundred day moving average price of $28.70.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm posted $1.36 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. 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 dividend payout ratio (DPR) is presently 58.48%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CRBG shares. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. 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. Mizuho boosted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Jefferies Financial Group increased their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Institutional Trading of Corebridge Financial

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

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, 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.