Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $6,259,453.06 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock in a transaction on Tuesday, October 27th. The shares were bought at an average price of $35.14 per share, with a total value of $6,259,453.06. Following the purchase, the insider directly owned 131,623,670 shares in the company, valued at approximately $4,625,255,763.80. The trade was a 0.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 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 Wednesday, October 28th, Life Insurance Co Nippon bought 245,898 shares of Corebridge Financial stock. The stock was bought at an average price of $35.26 per share, for a total transaction of $8,670,363.48.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The stock was bought at an average price of $34.95 per share, for a total transaction of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The shares were bought at an average cost 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 bought at an average price of $35.15 per share, with a total value of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The stock was 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 acquired 162,024 shares of Corebridge Financial stock. The stock was bought 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 shares were 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 shares were purchased at an average cost of $33.43 per share, for a total transaction 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, with a total value of $20,489,565.09.

Corebridge Financial Stock Performance

CRBG opened at $34.79 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a fifty day moving average price of $34.12 and a 200 day moving average price of $29.84. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.00. The stock has a market cap of $15.51 billion, a P/E ratio of 20.35, a P/E/G ratio of 0.50 and a beta of 1.07.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.25 dividend. The ex-dividend date was 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%.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bell Investment Advisors Inc purchased a new position in Corebridge Financial during the second quarter valued at $27,000. Sonoma Allocations LLC acquired a new stake in shares of Corebridge Financial in the first quarter valued at about $30,000. Allworth Financial LP purchased a new stake in shares of Corebridge Financial during the second quarter worth about $41,000. Versant Capital Management Inc increased its stake in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Corebridge Financial during the third quarter worth about $54,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Piper Sandler increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Barclays lifted their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Mizuho upped their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Wells Fargo & Company raised their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

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.