Nippon Life Insurance Co. Takes $3.65 Billion Position in Corebridge Financial, Inc. (NYSE:CRBG)

Nippon Life Insurance Co. purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, Holdings Channel reports. The fund purchased 121,956,256 shares of the company’s stock, valued at approximately $3,650,151,000. Corebridge Financial accounts for approximately 61.7% of Nippon Life Insurance Co.’s investment portfolio, making the stock its biggest holding. Nippon Life Insurance Co. owned 0.21% of Corebridge Financial as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CRBG. Massachusetts Financial Services Co. MA increased its position in Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after buying an additional 284,781 shares during the period. State Street Corp increased its holdings in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the period. FMR LLC raised its stake in shares of Corebridge Financial by 13.5% during the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after purchasing an additional 598,373 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after purchasing an additional 1,282,154 shares during the period. Finally, Donald Smith & CO. Inc. grew its position in Corebridge Financial by 12.7% in the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock valued at $126,411,000 after buying an additional 489,545 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $32.71 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 52-week low of $23.01 and a 52-week high of $34.66. The company’s 50 day simple moving average is $30.97 and its 200-day simple moving average is $29.79.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 EPS. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.81%. Corebridge Financial’s payout ratio is presently -44.02%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of research firms have commented on CRBG. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research note on Monday, January 6th. Wells Fargo & Company dropped their target price on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Piper Sandler increased their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. BMO Capital Markets started coverage on Corebridge Financial in a research note on Thursday. They issued an “outperform” rating and a $43.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Company 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.