Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 210,903 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 210,903 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were bought at an average cost of $35.02 per share, with a total value of $7,385,823.06. Following the acquisition, the insider directly owned 122,980,307 shares of the company’s stock, valued at $4,306,770,351.14. This trade represents a 0.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major 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 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The stock was bought at an average price of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.05 during mid-day trading on Thursday, reaching $34.90. 3,812,601 shares of the company traded hands, compared to its average volume of 4,956,867. The company’s 50 day moving average price is $32.70 and its 200-day moving average price is $28.70. The firm has a market cap of $15.56 billion, a PE ratio of 20.41, a PEG ratio of 0.45 and a beta of 1.08. 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 released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) 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 company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the firm posted $1.36 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rothschild Investment LLC increased its holdings in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial in the second quarter worth about $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Corebridge Financial during the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc grew its holdings in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CRBG. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Barclays upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price 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, 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.