Key Points
- Life Insurance Co Nippon purchased $7.47 million of Corebridge Financial stock, acquiring 212,828 shares at an average price of $35.08. The transaction increased its ownership by 0.17% to approximately 123.82 million shares.
- The shareholder has made a series of purchases since September 9, signaling sustained buying activity. Corebridge shares opened at $33.87, near their 12-month high of $35.64, and are up about 0.1% in the latest session.
- Corebridge reported quarterly EPS of $1.12, exceeding estimates, and declared a quarterly dividend of $0.25, equivalent to a 3.0% annualized yield. Analysts hold a consensus “Moderate Buy” rating with an average price target of $37.42.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock in a transaction dated Monday, September 21st. The shares were acquired at an average cost of $35.08 per share, with a total value of $7,466,006.24. Following the completion of the purchase, the insider owned 123,820,013 shares in the company, valued at approximately $4,343,606,056.04. This trade represents a 0.17% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 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 Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
- On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.
- On Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The shares were bought at an average price 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 shares were bought at an average price of $35.02 per share, with a total value of $7,385,823.06.
- On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
- 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 bought 136,466 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.78 per share, with a total value of $4,609,821.48.
Corebridge Financial Stock Up 0.1%
CRBG opened at $33.87 on Thursday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $33.06 and a 200 day moving average price of $29.00. The company has a market cap of $15.10 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08.
Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data 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. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the firm posted $1.36 EPS. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.
Corebridge Financial Announces Dividend
The company 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 $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is 58.48%.
Institutional Investors Weigh In On Corebridge Financial
A number of large investors have recently made changes to their positions in CRBG. Wellington Management Group LLP acquired a new position in Corebridge Financial during the second quarter worth $99,469,000. WINTON GROUP Ltd purchased a new stake in Corebridge Financial in the 2nd quarter valued at $1,729,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of Corebridge Financial in the 4th quarter worth $5,358,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth $726,494,000. Finally, Bank of America Corp DE purchased a new position in shares of Corebridge Financial during the 2nd quarter worth $56,787,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts recently commented on the company. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Jefferies Financial Group lifted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, Piper Sandler increased their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.
Get Our Latest Report 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.
Further Reading
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