Nippon Life adds $11.5M to Corebridge stake, lifting holdings past $4.36B
What's the deal? Life Insurance Co NipponDealroom has a profile for this one. Try Dealroom →, one of Corebridge FinancialDealroom has a profile for this one. Try Dealroom →'s largest shareholders, bought 336,750 shares at $34.07 each — a roughly $11.47 million purchase disclosed in a filing with the Securities and Exchange Commission. The move lifts Nippon's stake to 127,990,966 shares, worth more than $4.36 billion.
What does the company do? Corebridge provides retirement solutions and insurance products across the US, including annuities, life insurance, and risk-management offerings for individuals and institutions.
The numbers: Corebridge most recently reported quarterly earnings of $1.12 per share, beating the $1.08 analysts expected. Revenue of $4.30 billion missed the $4.66 billion forecast. Net margin stood at 4.37%, with return on equity at 17.37%.
The company pays a quarterly dividend of $0.25 per share, an annualised yield of 2.9%.
Market activity: The stock slipped $0.42 to $33.98 on volume above 6.3 million shares, higher than its near-5 million average. Corebridge carries a market capitalisation of $15.15 billion and a price-to-earnings ratio of 19.87. Shares have traded between $22.19 and $35.64 over the past year.
Who else holds it? Institutional ownership sits at 98.25%, with firms including Farther Finance AdvisorsDealroom has a profile for this one. Try Dealroom →, Allworth FinancialDealroom has a profile for this one. Try Dealroom →, and GAMMA InvestingDealroom has a profile for this one. Try Dealroom → adjusting positions. Analysts rate the stock a "Moderate Buy," with nine "Buy" calls and five "Hold," and some — among them MizuhoDealroom has a profile for this one. Try Dealroom →, Wells FargoDealroom has a profile for this one. Try Dealroom →, and Barclays — have raised price targets.
The signal: A multimillion-dollar purchase from a major holder, paired with an earnings beat and heavy institutional backing, points to sustained confidence in Corebridge despite the revenue shortfall and a dip in the share price.
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