Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $7,483,787.49 in Stock

Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) major shareholder Life Insurance Co Nippon bought 219,273 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were bought at an average price of $34.13 per share, for a total transaction of $7,483,787.49. Following the completion of the acquisition, the insider owned 124,336,154 shares in the company, valued at approximately $4,243,592,936.02. This trade represents a 0.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major 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 Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The stock was bought at an average price of $34.31 per share, with a total value of $10,185,541.08.
  • On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24.
  • On Friday, September 18th, Life Insurance Co Nippon acquired 131,333 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.88 per share, for a total transaction of $4,580,895.04.
  • On Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.20 per share, for a total transaction of $6,151,552.00.
  • On Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.02 per share, with a total value of $11,233,890.70.
  • On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.02 per share, with a total value of $7,385,823.06.
  • On Monday, September 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
  • On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.01 per share, for a total transaction of $5,995,963.00.
  • On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $34.86 on Monday. The firm has a 50-day moving average of $33.16 and a two-hundred day moving average of $29.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market cap of $15.54 billion, a P/E ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.64.

Corebridge Financial (NYSE:CRBG – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the previous year, the company earned $1.36 earnings per share. On average, research analysts expect that Corebridge Financial, Inc. will post 4.61 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Rothschild Investment LLC raised its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new position in Corebridge Financial in the 2nd quarter worth approximately $27,000. Sonoma Allocations LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $30,000. Allworth Financial LP bought a new stake in Corebridge Financial during the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc raised its stake in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after acquiring an additional 1,484 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CRBG. Wells Fargo & Company increased their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Barclays upped their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Get Our Latest Research Report on Corebridge Financial

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.

See Also

Insider Buying and Selling by Quarter for Corebridge Financial (NYSE:CRBG)

Receive News & Ratings for Corebridge Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corebridge Financial and related companies with MarketBeat.com's FREE daily email newsletter.