Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $7,466,006.24 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 212,828 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24. Following the transaction, the insider directly owned 123,820,013 shares of the company’s stock, valued at $4,343,606,056.04. This trade represents a 0.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more 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 Wednesday, September 23rd, Life Insurance Co Nippon bought 219,273 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon bought 296,868 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.31 per share, with a total value of $10,185,541.08.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.02 per share, for a total transaction of $7,385,823.06.
• 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 Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The shares were acquired 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 bought 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 2.3%

Shares of CRBG opened at $34.86 on Friday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The business’s fifty day moving average is $33.16 and its 200-day moving average is $29.10. 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 firm has a market cap of $15.54 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the prior year, the company earned $1.36 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Analyst Ratings Changes

CRBG has been the topic of several research reports. Barclays lifted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRBG. Rothschild Investment LLC raised its stake in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Corebridge Financial during the second quarter worth $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial in the first quarter worth $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial in the second quarter valued at $41,000. Finally, Versant Capital Management Inc increased its holdings 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 valued at $46,000 after purchasing an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

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.