Key Points
- Life Insurance Co Nippon purchased 174,760 Corebridge Financial shares at an average price of $35.20, investing $6.15 million and raising its stake to 123.48 million shares. The purchase followed several other acquisitions totaling more than $39 million in September.
- Corebridge shares opened at $34.88, near their 52-week high of $35.64, while the company reported quarterly EPS of $1.12, exceeding analysts’ $1.08 estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.
- The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. Institutional investors own approximately 98.25% of Corebridge’s outstanding stock.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock in a transaction dated Thursday, September 17th. The stock was purchased at an average cost of $35.20 per share, for a total transaction of $6,151,552.00. Following the completion of the purchase, the insider owned 123,475,852 shares in the company, valued at approximately $4,346,349,990.40. The trade was a 0.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more 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 Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.02 per share, with a total value of $11,233,890.70.
- On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.02 per share, with a total value of $7,385,823.06.
- On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.86 per share, with a total value of $10,317,409.62.
- On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
- On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.78 per share, for a total transaction of $4,609,821.48.
Corebridge Financial Stock Performance
Shares of CRBG stock opened at $34.88 on Tuesday. The firm has a 50 day moving average of $32.96 and a 200-day moving average of $28.89. The company has a market cap of $15.55 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its 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 business 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 period in the prior year, the firm earned $1.36 earnings per share. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.
Corebridge Financial Dividend Announcement
The business also recently disclosed 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. This represents a $1.00 dividend on an annualized basis 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%.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its position in shares of Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock valued at $420,000 after buying an additional 2,814 shares during the last quarter. Tidal Investments LLC raised its position in Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after buying an additional 27,992 shares during the last quarter. National Pension Service lifted its stake in Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock valued at $591,000 after acquiring an additional 9,375 shares in the last quarter. WINTON GROUP Ltd bought a new position in Corebridge Financial during the 2nd quarter valued at $1,729,000. Finally, Engineers Gate Manager LP purchased a new position in Corebridge Financial during the 2nd quarter worth $4,186,000. Institutional investors own 98.25% of the company's stock.
Analyst Upgrades and Downgrades
CRBG has been the subject of a number of research analyst reports. UBS Group boosted their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Piper Sandler increased their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Wells Fargo & Company raised their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Finally, TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.42.
Get Our Latest Analysis on CRBG
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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