Key Points
- Life Insurance Co Nippon bought 178,129 Corebridge Financial shares for approximately $6.26 million at an average price of $35.14, raising its stake by 0.14% to more than 131.6 million shares. The purchase continues a series of acquisitions throughout October.
- Corebridge shares traded near their 52-week high at $35.30, while analysts maintained a “Moderate Buy” consensus with an average price target of $39 and targets as high as $43.
- The company’s latest results were mixed: quarterly EPS of $1.12 exceeded estimates, but revenue of $4.30 billion missed expectations and EPS declined year over year. Corebridge also maintains a quarterly dividend of $0.25, yielding approximately 2.8% annually.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 178,129 shares of the stock in a transaction dated Tuesday, October 27th. The shares were bought at an average cost of $35.14 per share, with a total value of $6,259,453.06. Following the completion of the purchase, the insider directly owned 131,623,670 shares in the company, valued at approximately $4,625,255,763.80. This trade represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
- On Monday, October 26th, Life Insurance Co Nippon purchased 182,826 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.95 per share, with a total value of $6,389,768.70.
- On Friday, October 23rd, Life Insurance Co Nippon acquired 595,609 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.97 per share, for a total transaction of $20,232,837.73.
- On Thursday, October 22nd, Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.15 per share, for a total transaction of $8,662,366.00.
- On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.38 per share, with a total value of $7,683,899.16.
- On Tuesday, October 20th, Life Insurance Co Nippon bought 193,357 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.01 per share, with a total value of $6,769,428.57.
- On Monday, October 19th, Life Insurance Co Nippon bought 162,024 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.51 per share, with a total value of $5,591,448.24.
- On Friday, October 16th, Life Insurance Co Nippon purchased 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 purchased 510,873 shares of Corebridge Financial stock. The shares were 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 purchased 602,103 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.03 per share, for a total transaction of $20,489,565.09.
- On Tuesday, October 13th, Life Insurance Co Nippon purchased 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.
Corebridge Financial Trading Down 0.0%
NYSE:CRBG opened at $35.30 on Friday. The business's 50-day moving average is $34.06 and its two-hundred day moving average is $29.82. The firm has a market capitalization of $15.74 billion, a PE ratio of 8.12, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.00. 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 (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.
Corebridge Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders 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 2.8%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is currently 58.48%.
Corebridge Financial News Roundup
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Life Insurance Co Nippon purchased 178,129 shares on October 27 at an average of $35.14, investing approximately $6.26 million and increasing its position by 0.14%. The purchase followed a $6.39 million acquisition of 182,826 shares on October 26. SEC ownership filing
- Positive Sentiment: The repeated purchases indicate continued confidence from a major shareholder. Nippon also bought 595,609 shares for approximately $20.23 million on October 23, in addition to numerous purchases earlier in October. Across the October 23–27 transactions alone, the shareholder acquired more than 956,000 shares for roughly $32.9 million. Insider buying report
- Positive Sentiment: Analyst sentiment remains constructive: nine analysts rate CRBG a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $39. Recent targets range as high as $43, implying potential upside from current trading levels. Analyst ratings report
- Neutral Sentiment: CRBG has been trading near its 52-week high, with its 50-day and 200-day moving averages well below the current level. This reflects strong momentum but may also limit near-term upside if investors take profits.
- Negative Sentiment: The latest reported quarter showed mixed fundamentals: earnings per share of $1.12 exceeded estimates of $1.08, but revenue of $4.30 billion fell short of the $4.66 billion consensus, while EPS declined from $1.36 a year earlier. Analysts expect approximately $4.59 in full-year EPS.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC grew its holdings in Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company's stock worth $331,000 after acquiring an additional 445 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock valued at $185,000 after purchasing an additional 590 shares in the last quarter. Allworth Financial LP raised its stake in shares of Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company's stock valued at $41,000 after purchasing an additional 724 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Corebridge Financial by 15.8% during 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. Finally, State of Wyoming lifted its position in shares of Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company's stock worth $141,000 after purchasing an additional 823 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of analysts have recently issued reports on CRBG shares. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Wells Fargo & Company raised their target price on Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, October 12th. Finally, Mizuho boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $39.00.
Read Our Latest Stock Report on Corebridge Financial
Corebridge Financial Company Profile
(
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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