Key Points
- Life Insurance Co Nippon purchased 261,198 Corebridge Financial shares at $34.30 each, investing nearly $9.0 million and increasing its stake by 0.21% to more than 127.6 million shares. The purchase extends a series of recent acquisitions by the major shareholder.
- Corebridge shares opened at $34.38, near their 52-week high, while the company reported quarterly EPS of $1.12, exceeding estimates, and maintains a quarterly dividend of $0.25 per share, yielding about 2.9% annually.
- Analysts maintain a favorable outlook, with nine Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $38.83; institutional investors own 98.25% of the stock.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 261,198 shares of the stock in a transaction on Thursday, October 8th. The shares were bought at an average price of $34.30 per share, with a total value of $8,959,091.40. Following the purchase, the insider directly owned 127,654,216 shares of the company's stock, valued at $4,378,539,608.80. The trade was a 0.21% 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 Wednesday, October 7th, Life Insurance Co Nippon bought 606,912 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.40 per share, for a total transaction of $20,877,772.80.
- On Tuesday, October 6th, Life Insurance Co Nippon bought 116,345 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
- On Monday, October 5th, Life Insurance Co Nippon purchased 65,711 shares of Corebridge Financial stock. The shares were bought at an average price of $34.75 per share, with a total value of $2,283,457.25.
- On Friday, October 2nd, Life Insurance Co Nippon purchased 187,155 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.27 per share, with a total value of $6,413,801.85.
- On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.07 per share, with a total value of $9,001,918.56.
- On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.65 per share, for a total transaction 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 cost of $33.67 per share, for a total transaction of $7,300,262.06.
- On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.
- On Friday, September 25th, Life Insurance Co Nippon acquired 178,840 shares of Corebridge Financial stock. The shares were purchased at an average price 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 cost of $33.85 per share, with a total value of $8,763,020.30.
Corebridge Financial Stock Down 0.6%
Shares of Corebridge Financial stock opened at $34.38 on Wednesday. The company has a 50-day simple moving average of $33.80 and a two-hundred day simple moving average of $30.01. The stock has a market capitalization of $15.32 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 0.44 and a beta of 1.07. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.
Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating 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 analysts' expectations of $4.66 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.63 EPS for the current fiscal year.
Corebridge Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were 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 was Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.
Analyst Ratings Changes
Several analysts have commented on the company. UBS Group increased their target price on Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, October 6th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Wells Fargo & Company upped their price target on Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a report on Monday. Finally, Jefferies Financial Group increased their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $38.83.
Read Our Latest Analysis on CRBG
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in CRBG. Sound Income Strategies LLC lifted its position in Corebridge Financial by 1.8% during the third quarter. Sound Income Strategies LLC now owns 553,544 shares of the company's stock valued at $19,070,000 after purchasing an additional 9,980 shares during the period. GAMMA Investing LLC boosted its holdings in Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock worth $193,000 after purchasing an additional 796 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Corebridge Financial by 11.8% in the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock worth $185,000 after purchasing an additional 590 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Corebridge Financial by 23.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after purchasing an additional 2,814 shares during the period. Finally, Tidal Investments LLC grew 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 worth $2,673,000 after purchasing an additional 27,992 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.
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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