Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 347,195 shares of the business's stock in a transaction dated Friday, October 16th. The shares were purchased at an average price of $34.71 per share, for a total transaction of $12,051,138.45. Following the acquisition, the insider directly owned 129,848,103 shares of the company's stock, valued at $4,507,027,655.13. This trade represents a 0.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major 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 Thursday, October 15th, Life Insurance Co Nippon purchased 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, with a total value of $17,078,484.39.
- On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.03 per share, with a total value of $20,489,565.09.
- On Tuesday, October 13th, Life Insurance Co Nippon acquired 253,776 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.68 per share, with a total value of $8,800,951.68.
- On Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.49 per share, with a total value of $4,938,623.10.
- On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.07 per share, for a total transaction of $11,473,072.50.
- On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
- On Wednesday, October 7th, Life Insurance Co Nippon bought 606,912 shares of Corebridge Financial stock. The shares were purchased 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 shares were purchased 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 bought 65,711 shares of Corebridge Financial stock. The stock was acquired 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 bought 187,155 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.27 per share, with a total value of $6,413,801.85.
Corebridge Financial Stock Performance
Shares of Corebridge Financial stock opened at $34.99 on Wednesday. The stock has a market cap of $15.60 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. The business has a fifty day simple moving average of $33.86 and a 200-day simple moving average of $30.40. 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 12 month low of $22.19 and a 12 month high of $35.64.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.
Corebridge Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is currently 58.48%.
Hedge Funds Weigh In On Corebridge Financial
A number of hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC acquired a new stake in Corebridge Financial during the second quarter valued at $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial in the second quarter valued at about $726,494,000. Dimensional Fund Advisors LP increased its position in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. Donald Smith & CO. Inc. acquired a new position in Corebridge Financial in the 2nd quarter worth about $168,134,000. Finally, Davis Asset Management L.P. acquired a new position in Corebridge Financial in the 2nd quarter worth about $166,054,000. 98.25% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on CRBG shares. Jefferies Financial Group lifted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Piper Sandler increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, October 12th. UBS Group increased their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 6th. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $38.83.
Check Out 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 and institutions through offerings designed to support retirement savings, income planning and financial protection.
Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.
Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.
Further Reading
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