Key Points
- Life Insurance Co Nippon bought 320,785 Corebridge Financial shares at an average price of $35.02, investing approximately $11.23 million and increasing its stake by 0.26% to 123.3 million shares. The purchase follows four other acquisitions earlier in September.
- Corebridge reported quarterly EPS of $1.12, beating analysts’ $1.08 estimate, although revenue of $4.30 billion fell short of the $4.66 billion consensus forecast.
- The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $37.42.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 320,785 shares of the business's stock in a transaction dated Wednesday, September 16th. The stock was purchased at an average price of $35.02 per share, with a total value of $11,233,890.70. Following the purchase, the insider directly owned 123,301,092 shares of the company's stock, valued at $4,318,004,241.84. The trade was a 0.26% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more 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 Tuesday, September 15th, Life Insurance Co Nippon bought 210,903 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.02 per share, for a total transaction of $7,385,823.06.
- On Monday, September 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.86 per share, for a total transaction of $10,317,409.62.
- On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.01 per share, with a total value of $5,995,963.00.
- On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.78 per share, with a total value of $4,609,821.48.
Corebridge Financial Price Performance
Corebridge Financial stock opened at $34.89 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The firm has a market cap of $15.55 billion, a P/E ratio of 20.40, a P/E/G ratio of 0.45 and a beta of 1.08. 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 business's fifty day moving average is $32.88 and its two-hundred day moving average is $28.80.
Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the business posted $1.36 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is 58.48%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. Jefferies Financial Group lifted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Wells Fargo & Company boosted their target price on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. TD Cowen upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Finally, Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.42.
Check Out Our Latest Research Report on Corebridge Financial
Hedge Funds Weigh In On Corebridge Financial
Several institutional investors have recently modified their holdings of the stock. Pzena Investment Management LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $967,400,000. BlackRock Inc. acquired a new position in Corebridge Financial during the second quarter valued at approximately $726,494,000. Norges Bank bought a new stake in Corebridge Financial in the fourth quarter valued at approximately $611,550,000. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 43.5% in the first 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 period. Finally, Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial during the second quarter worth $168,134,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.
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.
Further Reading
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