Key Points
- Nippon Life bought 356,096 Corebridge shares on Nov. 3 for about $12.9 million, bringing its holdings to roughly 132.9 million shares. The purchase followed several other recent buys.
- Corebridge reported quarterly revenue of $4.50 billion, below the $5.36 billion consensus and down 20% year over year; EPS of $1.22 narrowly missed estimates, though it rose from $0.96 a year earlier.
- Analysts have a consensus “Moderate Buy” rating and an average price target of $39.18, compared with the stock’s reported $34.24 opening price.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 356,096 shares of the business's stock in a transaction that occurred on Tuesday, November 3rd. The shares were acquired at an average price of $36.13 per share, with a total value of $12,865,748.48. Following the transaction, the insider directly owned 132,890,209 shares of the company's stock, valued at $4,801,323,251.17. This represents a 0.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more 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, November 2nd, Life Insurance Co Nippon purchased 190,251 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.23 per share, for a total transaction of $6,702,542.73.
- On Friday, October 30th, Life Insurance Co Nippon acquired 227,773 shares of Corebridge Financial stock. The shares were bought at an average price of $34.62 per share, for a total transaction of $7,885,501.26.
- On Thursday, October 29th, Life Insurance Co Nippon purchased 246,521 shares of Corebridge Financial stock. The stock was bought at an average price of $35.50 per share, for a total transaction 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 price of $35.26 per share, for a total transaction of $8,670,363.48.
- On Tuesday, October 27th, Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.14 per share, with a total value of $6,259,453.06.
- On Monday, October 26th, Life Insurance Co Nippon acquired 182,826 shares of Corebridge Financial stock. The shares were bought at an average cost 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 shares were purchased at an average price of $33.97 per share, with a total value of $20,232,837.73.
- On Thursday, October 22nd, Life Insurance Co Nippon bought 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 stock was purchased 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 purchased at an average price of $35.01 per share, for a total transaction of $6,769,428.57.
Corebridge Financial Price Performance
NYSE:CRBG opened at $34.24 on Friday. The business's 50-day moving average is $34.39 and its 200 day moving average is $29.94. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.71. The company has a market capitalization of $15.26 billion, a P/E ratio of 7.35, a P/E/G ratio of 0.53 and a beta of 1.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67.
Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The firm had revenue of $4.50 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter in the prior year, the business earned $0.96 EPS. The business's quarterly revenue was down 20.0% compared to the same quarter last year. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued 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 2.9%. Corebridge Financial's payout ratio is 21.46%.
Key Stories Impacting Corebridge Financial
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Nippon Life continued its substantial purchases, adding 356,096 shares for about $12.9 million on Nov. 3 and 190,251 shares for about $6.7 million on Nov. 2. The repeat buying may signal confidence, although the additions are small relative to its existing stake. Nippon Life transaction filing
- Positive Sentiment: Third-quarter EPS rose to $1.22 from $0.96 a year earlier. Management also pointed to strong annuity sales and momentum in advisory services, offering some support to the growth outlook. Q3 results presentation
- Negative Sentiment: Revenue was $4.50 billion, well below the $5.36 billion consensus estimate and down 20% year over year. EPS of $1.22 also narrowly missed the $1.23 estimate. The revenue shortfall and decline may be weighing more heavily on investor sentiment than the earnings growth and shareholder purchases. Corebridge Q3 operating earnings
Wall Street Analyst Weigh In
Several research firms recently commented on CRBG. Piper Sandler lifted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, October 12th. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Mizuho upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, October 7th. TD Cowen raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. Finally, UBS Group lifted their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a report on Tuesday, October 6th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $39.18.
Read Our Latest Research Report on Corebridge Financial
Institutional Investors Weigh In On Corebridge Financial
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Maryland State Retirement & Pension System raised its stake in shares of Corebridge Financial by 23.0% during the third quarter. Maryland State Retirement & Pension System now owns 16,160 shares of the company's stock valued at $535,000 after acquiring an additional 3,027 shares in the last quarter. Keybank National Association OH lifted its stake in Corebridge Financial by 36.9% in the third quarter. Keybank National Association OH now owns 16,552 shares of the company's stock worth $548,000 after acquiring an additional 4,460 shares during the period. New York Life Investment Management LLC grew its holdings in Corebridge Financial by 44.7% during the 3rd quarter. New York Life Investment Management LLC now owns 55,650 shares of the company's stock worth $1,843,000 after acquiring an additional 17,185 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Corebridge Financial by 5.5% during the 3rd quarter. Retirement Systems of Alabama now owns 404,177 shares of the company's stock worth $13,386,000 after acquiring an additional 20,909 shares in the last quarter. Finally, Fulcrum Asset Management LLP bought a new position in Corebridge Financial during the 3rd quarter worth about $1,638,000. Institutional investors own 98.25% of the company's stock.
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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