Key Points
- Major shareholder Nippon Life Insurance purchased 136,466 Corebridge shares at an average price of $33.78, investing approximately $4.61 million and increasing its stake to more than 122.1 million shares.
- Corebridge reported quarterly EPS of $1.12, beating analyst expectations of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus estimate.
- The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, September 9th. The shares were purchased at an average cost of $33.78 per share, with a total value of $4,609,821.48. Following the completion of the acquisition, the insider owned 122,125,993 shares of the company's stock, valued at $4,125,416,043.54. The trade was a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Corebridge Financial Stock Up 1.5%
CRBG opened at $34.70 on Friday. 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 cap of $15.47 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.00. The business's fifty day moving average is $32.43 and its two-hundred day moving average is $28.53.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during 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 posted $1.36 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.
Corebridge Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Rothschild Investment LLC boosted its stake in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc lifted 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 valued at $46,000 after buying an additional 1,484 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Barclays increased their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Mizuho lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.42.
Get Our Latest Stock Report on Corebridge Financial
Corebridge Financial Company Profile
(
Get Free Report)
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.
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