Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 190,251 shares of Corebridge Financial stock in a transaction dated Monday, November 2nd. The shares were acquired at an average cost of $35.23 per share, for a total transaction of $6,702,542.73. Following the transaction, the insider directly owned 132,534,113 shares of the company's stock, valued at approximately $4,669,176,800.99. This represents a 0.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 30th, Life Insurance Co Nippon purchased 227,773 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.62 per share, with a total value of $7,885,501.26.
- On Thursday, October 29th, Life Insurance Co Nippon bought 246,521 shares of Corebridge Financial stock. The stock was bought at an average price of $35.50 per share, with a total value of $8,751,495.50.
- On Wednesday, October 28th, Life Insurance Co Nippon purchased 245,898 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.26 per share, for a total transaction of $8,670,363.48.
- On Tuesday, October 27th, Life Insurance Co Nippon purchased 178,129 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.14 per share, with a total value of $6,259,453.06.
- On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.95 per share, for a total transaction of $6,389,768.70.
- On Friday, October 23rd, Life Insurance Co Nippon purchased 595,609 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.97 per share, with a total value of $20,232,837.73.
- On Thursday, October 22nd, Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.15 per share, with a total value of $8,662,366.00.
- On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.38 per share, for a total transaction of $7,683,899.16.
- On Tuesday, October 20th, Life Insurance Co Nippon bought 193,357 shares of Corebridge Financial stock. The stock was bought 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 purchased at an average price of $34.51 per share, for a total transaction of $5,591,448.24.
Corebridge Financial Price Performance
CRBG stock opened at $36.27 on Thursday. The company has a market capitalization of $16.17 billion, a P/E ratio of 7.75, a PEG ratio of 0.51 and a beta of 1.05. The business has a 50 day simple moving average of $34.35 and a 200-day simple moving average of $29.92. The company has a current ratio of 0.11, a quick ratio of 0.12 and a debt-to-equity ratio of 0.21. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.71.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to analysts' expectations of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The company's revenue for the quarter was down 20.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current year.
Corebridge Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date is Thursday, December 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. Corebridge Financial's payout ratio is 58.48%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Weiss Ratings raised Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 29th. Piper Sandler increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Monday, October 12th. UBS Group raised their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, October 6th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Finally, Keefe, Bruyette & Woods increased 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. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.18.
View Our Latest Stock Report on Corebridge Financial
Institutional Investors Weigh In On Corebridge Financial
Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new stake in shares of Corebridge Financial in the second quarter worth about $99,469,000. WINTON GROUP Ltd bought a new stake in Corebridge Financial in the second quarter valued at about $1,729,000. Man Group plc bought a new position in Corebridge Financial during the second quarter worth $1,089,000. Nykredit A S acquired a new stake in Corebridge Financial during the second quarter worth about $1,347,000. Finally, Squarepoint Ops LLC boosted its position in Corebridge Financial by 112.3% during the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company's stock valued at $12,788,000 after purchasing an additional 236,266 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.
Key Corebridge Financial News
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Nippon Life continued adding to its already large CRBG holding, buying 227,773 shares for about $7.9 million on October 30 and another 190,251 shares for about $6.7 million on November 2. The repeated purchases may signal confidence from a major shareholder. Nippon Life Share Purchases
- Positive Sentiment: Third-quarter operating earnings rose year over year: Corebridge reported $1.22 per share versus $0.96 a year earlier. Management also highlighted strong annuity sales and momentum in advisory services, though the reported EPS was slightly below some analysts’ expectations. Corebridge Financial Q3 Operating Earnings Rise
- Neutral Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually. The dividend may support income-oriented investors but does not materially change the business outlook. Corebridge Financial Dividend Announcement
- Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a roughly 29% drop in premiums and deposits, raising concerns that weaker business volumes could weigh on future growth. Corebridge Q3 Premiums and Deposits
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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