Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) major shareholder Life Insurance Co Nippon acquired 227,773 shares of Corebridge Financial stock in a transaction dated Friday, October 30th. The shares were bought at an average price of $34.62 per share, for a total transaction of $7,885,501.26. Following the transaction, the insider owned 132,343,862 shares of the company’s stock, valued at approximately $4,581,744,502.44. The trade was a 0.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
- On Thursday, October 29th, Life Insurance Co Nippon bought 246,521 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.50 per share, for a total transaction of $8,751,495.50.
- On Wednesday, October 28th, Life Insurance Co Nippon bought 245,898 shares of Corebridge Financial stock. The shares were bought at an average price of $35.26 per share, with a total value of $8,670,363.48.
- On Tuesday, October 27th, Life Insurance Co Nippon bought 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 bought 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 purchased 595,609 shares of Corebridge Financial stock. The stock was bought 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 purchased 246,440 shares of Corebridge Financial stock. The stock was bought at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
- On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The stock was bought at an average price of $35.38 per share, for a total transaction of $7,683,899.16.
- On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were bought 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 shares were bought 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 acquired 347,195 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.71 per share, with a total value of $12,051,138.45.
Corebridge Financial Price Performance
Shares of CRBG stock traded up $0.77 during trading hours on Tuesday, hitting $35.81. The stock had a trading volume of 8,459,928 shares, compared to its average volume of 4,997,041. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.56. 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’s 50-day moving average price is $34.19 and its two-hundred day moving average price is $29.87. The stock has a market capitalization of $15.96 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 0.50 and a beta of 1.07.
Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The firm had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Corebridge Financial’s quarterly revenue was down 20.0% on a year-over-year basis. Equities analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current year.
Corebridge Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial’s payout ratio is presently 58.48%.
Trending Headlines about Corebridge Financial
Here are the key news stories impacting Corebridge Financial this week:
- Positive Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a roughly 2.8% yield. The dividend is payable December 31 to shareholders of record December 17. Corebridge Financial dividend information
- Positive Sentiment: Major shareholder Nippon Life bought 246,521 shares for about $8.75 million, adding to a series of recent purchases. The buying may signal confidence, though the disclosed transactions were made under a trading plan. Nippon Life share purchase
- Positive Sentiment: Third-quarter EPS increased to $1.22 from $0.96 a year earlier, broadly in line with one consensus estimate. Management also cited the strongest annuity sales of the year and continued advisory-business momentum. Corebridge third-quarter results
- Negative Sentiment: Revenue was $4.50 billion, below the cited $5.36 billion analyst estimate and down 20% year over year; premiums and deposits reportedly fell about 29%. EPS also came in a penny below another consensus estimate, leaving concerns about sales and revenue trends despite improved per-share earnings. Corebridge Q3 premiums and deposits report
Institutional Trading of Corebridge Financial
A number of institutional investors have recently bought and sold shares of the stock. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial in the second quarter valued at $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial during the 1st quarter worth about $30,000. Parallel Advisors LLC grew its holdings in Corebridge Financial by 59.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock valued at $39,000 after purchasing an additional 446 shares during the last quarter. Allworth Financial LP bought a new position in Corebridge Financial during the 2nd quarter valued at about $41,000. Finally, Versant Capital Management Inc grew its holdings 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 purchasing an additional 1,484 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of research firms have recently commented on CRBG. UBS Group increased their target price on Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Mizuho boosted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. TD Cowen increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $39.00.
Read Our Latest Stock Report on Corebridge Financial
Corebridge Financial Company Profile
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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