Key Points
- Life Insurance Co Nippon purchased 296,868 Corebridge Financial shares for about $10.19 million at an average price of $34.31, raising its direct ownership to 124.1 million shares. The purchase follows multiple acquisitions throughout September.
- Corebridge shares opened at $34.02, near their 52-week high of $35.64, while the company reported quarterly EPS of $1.12, exceeding estimates of $1.08. It also declared a quarterly dividend of $0.25 per share, representing a 2.9% yield.
- Analysts maintain a “Moderate Buy” consensus, with nine Buy and six Hold ratings and an average price target of $37.42. 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 bought 296,868 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was bought at an average price of $34.31 per share, for a total transaction of $10,185,541.08. Following the transaction, the insider directly owned 124,116,881 shares of the company's stock, valued at approximately $4,258,450,187.11. This represents a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% 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 Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The shares were bought at an average price of $35.08 per share, with a total value of $7,466,006.24.
- On Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.88 per share, with a total value of $4,580,895.04.
- On Thursday, September 17th, Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.20 per share, for a total transaction of $6,151,552.00.
- On Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
- On Tuesday, September 15th, Life Insurance Co Nippon bought 210,903 shares of Corebridge Financial stock. The stock was purchased 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 purchased 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 shares were purchased 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 stock was purchased at an average cost of $33.78 per share, with a total value of $4,609,821.48.
Corebridge Financial Stock Up 0.4%
Shares of NYSE CRBG opened at $34.02 on Friday. The company has a 50 day simple moving average of $33.10 and a 200 day simple moving average of $29.06. 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, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64. The firm has a market cap of $15.17 billion, a PE ratio of 19.90, 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 earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the firm posted $1.36 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current year.
Corebridge Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its stake in Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after acquiring an additional 2,814 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after purchasing an additional 27,992 shares during the period. National Pension Service raised its holdings in shares of Corebridge Financial by 83.2% during the second quarter. National Pension Service now owns 20,647 shares of the company's stock valued at $591,000 after purchasing an additional 9,375 shares during the period. WINTON GROUP Ltd bought a new position in shares of Corebridge Financial during the 2nd quarter worth about $1,729,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $4,186,000. Institutional investors and hedge funds own 98.25% of the company's stock.
Wall Street Analysts Forecast Growth
CRBG has been the subject of a number of analyst reports. Mizuho raised 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. UBS Group raised their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.42.
Read Our Latest Stock 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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