Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $8,670,363.48 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 245,898 shares of the business’s stock in a transaction on Wednesday, October 28th. The stock was purchased at an average price of $35.26 per share, with a total value of $8,670,363.48. Following the completion of the transaction, the insider directly owned 131,869,568 shares of the company’s stock, valued at $4,649,720,967.68. This trade represents a 0.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through 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 Tuesday, October 27th, Life Insurance Co Nippon bought 178,129 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon acquired 182,826 shares of Corebridge Financial stock. The shares were purchased 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 purchased at an average price of $33.97 per share, for a total transaction of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The shares were acquired at an average price 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 shares were bought 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 acquired 193,357 shares of Corebridge Financial stock. The shares were bought at an average price of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.51 per share, for a total transaction of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.03 per share, for a total transaction of $20,489,565.09.

Corebridge Financial Stock Down 1.4%

Shares of NYSE:CRBG traded down $0.50 on Friday, hitting $34.79. 5,061,762 shares of the company’s stock were exchanged, compared to its average volume of 4,983,920. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.00. 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 $15.51 billion, a PE ratio of 20.35, a P/E/G ratio of 0.50 and a beta of 1.07. The firm’s 50-day moving average is $34.06 and its 200 day moving average is $29.82.

Corebridge Financial (NYSE:CRBG) last posted 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 firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same quarter last year, the business earned $1.36 EPS. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have commented on CRBG shares. Piper Sandler raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Barclays boosted their target price on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. TD Cowen raised their target price on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Finally, Mizuho raised their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $99,469,000. WINTON GROUP Ltd bought a new position in shares of Corebridge Financial during the 2nd quarter valued at about $1,729,000. Nykredit A S bought a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $1,347,000. Man Group plc purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $1,089,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Corebridge Financial in the second quarter worth $2,744,000. 98.25% of the stock is owned by institutional investors.

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.