Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 320,785 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 320,785 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70. Following the completion of the purchase, the insider directly owned 123,301,092 shares in the company, valued at $4,318,004,241.84. The trade was a 0.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 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 Tuesday, September 15th, Life Insurance Co Nippon bought 210,903 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Trading Up 0.0%

Corebridge Financial stock opened at $34.89 on Friday. The business’s 50-day simple moving average is $32.88 and its 200-day simple moving average is $28.80. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The firm has a market capitalization of $15.55 billion, a PE ratio of 20.40, a PEG ratio of 0.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

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, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm posted $1.36 EPS. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced 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 is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC lifted its holdings 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 valued at $420,000 after acquiring an additional 2,814 shares during the period. Tidal Investments LLC grew its holdings in shares of Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares during the last quarter. National Pension Service grew its holdings in shares of Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock worth $591,000 after purchasing an additional 9,375 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth about $1,729,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth about $4,186,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the topic of several research reports. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Jefferies Financial Group boosted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Piper Sandler raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

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.