Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 227,773 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 227,773 shares of Corebridge Financial stock in a transaction on Friday, October 30th. The stock was acquired at an average price of $34.62 per share, for a total transaction of $7,885,501.26. Following the purchase, the insider owned 132,343,862 shares of the company’s stock, valued at approximately $4,581,744,502.44. This trade represents a 0.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 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 Thursday, October 29th, Life Insurance Co Nippon purchased 246,521 shares of Corebridge Financial stock. The stock was bought at an average price of $35.50 per share, for a total transaction of $8,751,495.50.
• On Wednesday, October 28th, Life Insurance Co Nippon purchased 245,898 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.26 per share, for a total transaction of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon purchased 178,129 shares of Corebridge Financial stock. The stock was bought 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 bought at an average price of $34.95 per share, with a total value of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon acquired 595,609 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon bought 246,440 shares of Corebridge Financial stock. The stock was bought 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 bought 217,182 shares of Corebridge Financial stock. The stock was bought at an average price of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon bought 193,357 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon bought 162,024 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.51 per share, for a total transaction of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon purchased 347,195 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.71 per share, with a total value of $12,051,138.45.

Corebridge Financial Trading Up 2.2%

Shares of NYSE CRBG traded up $0.77 during trading hours on Tuesday, reaching $35.81. The stock had a trading volume of 8,459,928 shares, compared to its average volume of 4,997,041. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market cap of $15.96 billion, a price-to-earnings ratio of 20.94, a P/E/G ratio of 0.50 and a beta of 1.07. The business’s fifty day moving average price is $34.19 and its two-hundred day moving average price is $29.87. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.56.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). The firm had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.96 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC bought a new stake in Corebridge Financial during the 2nd quarter valued at $967,400,000. BlackRock Inc. purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth $726,494,000. Dimensional Fund Advisors LP lifted its stake in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. Donald Smith & CO. Inc. purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth $168,134,000. Finally, Davis Asset Management L.P. bought a new stake in Corebridge Financial during the second quarter valued at about $166,054,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Barclays lifted their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. UBS Group upped their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, Mizuho raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

More Corebridge Financial News

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a roughly 2.8% yield. The dividend is payable December 31 to shareholders of record December 17. Corebridge Financial dividend information
• Positive Sentiment: Major shareholder Nippon Life bought 246,521 shares for about $8.75 million, adding to a series of recent purchases. The buying may signal confidence, though the disclosed transactions were made under a trading plan. Nippon Life share purchase
• Positive Sentiment: Third-quarter EPS increased to $1.22 from $0.96 a year earlier, broadly in line with one consensus estimate. Management also cited the strongest annuity sales of the year and continued advisory-business momentum. Corebridge third-quarter results
• Negative Sentiment: Revenue was $4.50 billion, below the cited $5.36 billion analyst estimate and down 20% year over year; premiums and deposits reportedly fell about 29%. EPS also came in a penny below another consensus estimate, leaving concerns about sales and revenue trends despite improved per-share earnings. Corebridge Q3 premiums and deposits report

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 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.