Key Points
- Major shareholder Life Insurance Co Nippon bought 295,967 Corebridge Financial shares at an average price of $34.86, investing $10.3 million and raising its stake to 122.8 million shares worth approximately $4.28 billion.
- Corebridge reported quarterly EPS of $1.12, beating estimates by $0.04, although revenue of $4.30 billion fell short of analyst expectations. The company declared a quarterly dividend of $0.25 per share, equivalent to a 2.9% annualized yield.
- Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $37.42 price target; institutional investors own approximately 98.25% of the company’s stock.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $34.86 per share, with a total value of $10,317,409.62. Following the completion of the acquisition, the insider directly owned 122,769,404 shares of the company's stock, valued at approximately $4,279,741,423.44. The trade was a 0.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
- On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The stock was bought at an average price of $34.01 per share, for a total transaction of $5,995,963.00.
- On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were bought at an average price of $33.78 per share, for a total transaction of $4,609,821.48.
Corebridge Financial Stock Down 0.4%
CRBG opened at $34.87 on Thursday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.43. The firm has a market capitalization of $15.54 billion, a P/E ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. The company's 50-day moving average is $32.70 and its 200 day moving average is $28.70. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company posted $1.36 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.
Corebridge Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.
Analyst Upgrades and Downgrades
CRBG has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.
Get Our Latest Stock Report on CRBG
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP bought a new position in Corebridge Financial in the 2nd quarter valued at $99,469,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of Corebridge Financial in the fourth quarter worth $5,358,000. BlackRock Inc. bought a new position in shares of Corebridge Financial in the second quarter worth $726,494,000. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial in the second quarter worth $1,729,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Corebridge Financial during the second quarter valued at $8,803,000. Hedge funds and other institutional investors own 98.25% of the company's stock.
About Corebridge Financial
(
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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