Corebridge Financial (NYSE:CRBG) Hits New 52-Week High Following Insider Buying Activity

Corebridge Financial, Inc. (NYSE:CRBG) shares reached a new 52-week high during mid-day trading on Thursday following insider buying activity. The stock traded as high as $35.64 and last traded at $35.6170, with a volume of 3,720,579 shares changing hands. The stock had previously closed at $35.30.

Specifically, major shareholder Life Insurance Co Nippon bought 162,024 shares of the stock in a transaction on Monday, October 19th. The shares were purchased at an average price of $34.51 per share, with a total value of $5,591,448.24. Following the purchase, the insider owned 130,010,127 shares in the company, valued at approximately $4,486,649,482.77. This represents a 0.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Life Insurance Co Nippon bought 347,195 shares of the stock in a transaction on Friday, October 16th. The shares were bought at an average cost of $34.71 per share, for a total transaction of $12,051,138.45. Following the purchase, the insider owned 129,848,103 shares in the company, valued at $4,507,027,655.13. This trade represents a 0.27% increase in their position. The SEC filing for this purchase provides additional information. In related news, major shareholder Life Insurance Co Nippon purchased 510,873 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were bought at an average cost of $33.43 per share, for a total transaction of $17,078,484.39. Following the transaction, the insider owned 129,500,908 shares of the company’s stock, valued at $4,329,215,354.44. This represents a 0.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRBG. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. UBS Group boosted their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. TD Cowen boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.00.

Corebridge Financial Stock Up 0.9%

The stock has a market capitalization of $15.88 billion, a P/E ratio of 20.83, a PEG ratio of 0.50 and a beta of 1.07. 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 stock’s fifty day moving average is $33.90 and its two-hundred day moving average is $30.48.

Corebridge Financial (NYSE:CRBG) last posted its quarterly 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. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the previous year, the business posted $1.36 earnings per share. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $726,494,000. Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $168,134,000. Davis Asset Management L.P. purchased a new position in Corebridge Financial in the 2nd quarter worth about $166,054,000. Finally, Wellington Management Group LLP purchased a new position in Corebridge Financial in the 2nd quarter worth about $99,469,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.