Key Points
- Life Insurance Co. Nippon bought 65,711 Corebridge Financial shares at an average price of $34.75, a $2.28 million transaction that increased its position to approximately 126.7 million shares.
- The purchase continues Nippon’s recent buying spree, which includes more than 3 million shares acquired across multiple transactions since late September.
- Corebridge reported quarterly EPS of $1.12, beating estimates, while revenue missed expectations; analysts maintain a “Moderate Buy” consensus with an average price target of $38.58.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 65,711 shares of the stock in a transaction on Monday, October 5th. The shares were bought at an average price of $34.75 per share, with a total value of $2,283,457.25. Following the purchase, the insider directly owned 126,669,761 shares of the company's stock, valued at $4,401,774,194.75. The trade was a 0.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 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 Friday, October 2nd, Life Insurance Co Nippon bought 187,155 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
- On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.07 per share, for a total transaction of $9,001,918.56.
- On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The shares were bought at an average price of $33.65 per share, with a total value of $11,717,434.75.
- On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.67 per share, with a total value of $7,300,262.06.
- On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.15 per share, with a total value of $27,517,455.30.
- On Friday, September 25th, Life Insurance Co Nippon bought 178,840 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.52 per share, with a total value of $6,173,556.80.
- On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.85 per share, for a total transaction of $8,763,020.30.
- On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.13 per share, for a total transaction of $7,483,787.49.
- On Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.31 per share, with a total value of $10,185,541.08.
- On Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24.
Corebridge Financial Price Performance
Shares of NYSE CRBG opened at $34.38 on Thursday. The firm has a market cap of $15.33 billion, a P/E ratio of 20.11, a PEG ratio of 0.45 and a beta of 1.07. 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 of $33.57 and a 200 day moving average of $29.71.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the business posted $1.36 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.64 EPS for the current fiscal year.
Corebridge Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued 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 was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.
Analyst Ratings Changes
A number of equities analysts have weighed in on CRBG shares. Piper Sandler boosted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. UBS Group lifted their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $38.58.
Read Our Latest Stock Analysis on Corebridge Financial
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of CRBG. Wellington Management Group LLP bought a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $99,469,000. WINTON GROUP Ltd bought a new stake in Corebridge Financial during the 2nd quarter worth approximately $1,729,000. Nykredit A S purchased a new position in Corebridge Financial during the second quarter valued at approximately $1,347,000. Man Group plc purchased a new position in Corebridge Financial during the second quarter valued at approximately $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Corebridge Financial during the second quarter valued at approximately $2,744,000. Institutional investors own 98.25% of the company's stock.
Key Stories Impacting Corebridge Financial
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Analysts raised price targets. Mizuho lifted its target from $38 to $40 and maintained an “outperform” rating, while Barclays raised its target from $33 to $39 and retained an “overweight” rating. The revisions imply further upside and reflect increased analyst confidence in CRBG’s outlook.
- Positive Sentiment: Major shareholder continues aggressive buying. Life Insurance Co. Nippon purchased 65,711 shares at an average of $34.75 on October 5, following purchases of 187,155 shares at $34.27 on October 2 and 272,208 shares at $33.07 on October 1. Across the disclosed purchases since September 18, Nippon has accumulated more than 3.1 million shares, bringing its direct ownership to approximately 126.7 million shares. The repeated buying can be interpreted as a strong vote of confidence in Corebridge’s value. SEC ownership filing
- Neutral Sentiment: UBS raised its target but remained cautious. UBS increased its price target from $32 to $36 while keeping a “neutral” rating, indicating modest expected upside but no strong change in its investment stance. UBS Corebridge Financial price target article
- Negative Sentiment: Fundamental risks remain. Corebridge’s latest earnings beat estimates, but revenue fell short of expectations and earnings were below the prior-year quarter. The company’s low valuation and approximately 2.8% dividend yield may support the shares, but slowing year-over-year profitability could limit the rally if future results disappoint.
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 and institutional clients through businesses focused on retirement services, life insurance and institutional markets.
Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.
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