121,956,256 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Acquired by Nippon Life Insurance Co.

Nippon Life Insurance Co. acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 121,956,256 shares of the company's stock, valued at approximately $3,650,151,000. Corebridge Financial comprises about 61.7% of Nippon Life Insurance Co.'s portfolio, making the stock its largest holding. Nippon Life Insurance Co. owned about 21.44% of Corebridge Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial during the 4th quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial in the fourth quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Corebridge Financial during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $28,000. Finally, HM Payson & Co. bought a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $29,000. Institutional investors own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by company insiders.

Corebridge Financial Stock Performance

NYSE:CRBG traded up $0.58 during mid-day trading on Friday, reaching $33.22. The company's stock had a trading volume of 2,862,112 shares, compared to its average volume of 3,346,534. The firm's fifty day moving average price is $30.97 and its two-hundred day moving average price is $29.79. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market cap of $18.90 billion, a P/E ratio of -15.89, a PEG ratio of 0.36 and a beta of 0.92. Corebridge Financial, Inc. has a 12-month low of $23.01 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The firm's revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial's payout ratio is currently -44.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CRBG shares. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research note on Thursday. They set an "outperform" rating and a $43.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and an average price target of $36.43.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.