Key Points
- Nippon Life purchased 217,182 Corebridge shares for approximately $7.7 million at an average price of $35.38, bringing its holdings to more than 130.4 million shares. The purchase extends a series of recent acquisitions by the major shareholder.
- Corebridge’s latest quarterly results were mixed: adjusted earnings of $1.12 per share exceeded estimates of $1.08, while revenue of $4.30 billion fell short of the $4.66 billion consensus and declined from the prior year.
- Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $39. The company also maintains a quarterly dividend of $0.25 per share, equivalent to a 2.9% annualized yield.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 217,182 shares of the stock in a transaction dated Wednesday, October 21st. The shares were acquired at an average price of $35.38 per share, with a total value of $7,683,899.16. Following the transaction, the insider owned 130,420,666 shares in the company, valued at $4,614,283,163.08. This trade represents a 0.17% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more 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 Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.01 per share, with a total value of $6,769,428.57.
- On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.51 per share, for a total transaction of $5,591,448.24.
- On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.71 per share, for a total transaction of $12,051,138.45.
- On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
- On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.03 per share, with a total value of $20,489,565.09.
- On Tuesday, October 13th, Life Insurance Co Nippon bought 253,776 shares of Corebridge Financial stock. The shares were acquired 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 bought 143,190 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.49 per share, with a total value of $4,938,623.10.
- On Friday, October 9th, Life Insurance Co Nippon bought 336,750 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.07 per share, with a total value of $11,473,072.50.
- On Thursday, October 8th, Life Insurance Co Nippon purchased 261,198 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.30 per share, for a total transaction of $8,959,091.40.
- On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The stock was bought at an average price of $34.40 per share, for a total transaction of $20,877,772.80.
Corebridge Financial Stock Down 4.1%
NYSE:CRBG opened at $34.15 on Friday. The stock's fifty day simple moving average is $33.92 and its 200-day simple moving average is $30.59. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.64. The firm has a market capitalization of $15.22 billion, a P/E ratio of 19.97, a P/E/G ratio of 0.51 and a beta of 1.07. 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 (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the prior year, the firm earned $1.36 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.
Corebridge Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.
Analyst Upgrades and Downgrades
Several research firms have issued reports on CRBG. Piper Sandler upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Mizuho boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. Jefferies Financial Group boosted their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. TD Cowen increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $39.00.
Get Our Latest Report on Corebridge Financial
Corebridge Financial News Summary
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Major shareholder Nippon Life continued buying CRBG shares. Nippon acquired 217,182 shares for approximately $7.7 million on October 21, following purchases of 193,357 shares for about $6.8 million on October 20 and 162,024 shares for roughly $5.6 million on October 19. The repeated buying signals confidence from a shareholder that now owns more than 130 million shares. SEC ownership filing
- Positive Sentiment: TD Cowen raised its CRBG price target from $38 to $40 and maintained a “Buy” rating. The target increase reinforces the favorable analyst outlook and suggests additional potential upside. TD Cowen raises Corebridge Financial price target
- Positive Sentiment: Other analysts remain constructive. Piper Sandler also set a $40 target with an “Overweight” rating, while Keefe, Bruyette & Woods has a $43 target and “Outperform” rating. The broader consensus is “Moderate Buy,” with an average target of $39.
- Neutral Sentiment: Recent earnings were mixed. Corebridge beat quarterly EPS expectations, reporting $1.12 versus the $1.08 consensus, but revenue of $4.30 billion missed estimates of $4.66 billion and EPS declined from $1.36 a year earlier. These results may temper enthusiasm until the next report.
- Neutral Sentiment: CRBG is trading near its annual high and above its key moving averages. That strong momentum supports the long-term case but may also encourage short-term investors to lock in gains, potentially explaining the recent weakness despite positive insider activity.
- Neutral Sentiment: The $0.25 quarterly dividend remains in place, equating to a $1.00 annualized payout and an approximately 2.8% yield, providing ongoing income support.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CRBG. Wellington Management Group LLP acquired a new stake in Corebridge Financial during the second quarter worth approximately $99,469,000. WINTON GROUP Ltd acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $1,729,000. Nykredit A S bought a new position in shares of Corebridge Financial during the second quarter worth approximately $1,347,000. Man Group plc bought a new position in shares of Corebridge Financial during the second quarter worth approximately $1,089,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Corebridge Financial during the 2nd quarter worth approximately $2,744,000. 98.25% of the stock is owned by 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 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.
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