Prev Arrow Stocks

Corebridge Financial ($CRBG) Stock Forecast: Up 10.0% Today

Morpher AI identified a bullish signal. The stock price may continue to rise based on the momentum of the good news.

What is Corebridge Financial?

Corebridge Financial Inc. (CRBG) is a financial services company that has recently experienced a strong bullish movement in the market.

Why is Corebridge Financial going up?

CRBG stock is up 10.0% on May 16, 2024 18:36

  • CRBG stock had a strong bullish movement today.
  • AIG sold a 20% stake in CRBG to Nippon Life for $3.8 billion, indicating a strategic partnership and potential value addition.
  • This significant investment from Nippon Life could have boosted investor confidence in CRBG, leading to the bullish market movement.
  • The deal showcases a positive outlook for CRBG's future growth and expansion, attracting more investors to the stock.

CRBG Price Chart

CRBG News

Walmart, Canada Goose rise; Deere, Freeport-McMoRan fall, Thursday, 5/16/2024

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Thursday: Walmart Inc. (WMT), up $3.71 to $63.53. The retailer’s first-quarter financial results beat analysts’ forecasts. Deere & Co. (DE), down $14.69 to $399.33. The agricultural equipment maker trimmed its profit forecast for the year. Under Armour Inc. (UAA), up 15 cents to $6.95. The sports apparel company beat Wall Street’s fiscal fourth-quarter earnings forecasts. AST SpaceMobile Inc. (ASTS), up $1.44 to $3.83. The satellite maker announced a deal with AT&T to provide a space-based broadband network directly to cell phones. Canada Goose Holdings Inc. (GOOS), up $1.89 to $13.31. The high-end coat maker beat analysts’ fiscal fourth-quarter earnings and revenue forecasts. Freeport-McMoRan Inc. (FCX), down 84 cents to $52.77. The copper miner fell along with prices for the metal. Chubb Ltd. (CB), up $9.32 to $262.29. Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

https://wnyt.com/business-news/walmart-canada-goose-rise-deere-freeport-mcmoran-fall-thursday-5-16-2024/

News Article Image Walmart, Canada Goose rise; Deere, Freeport-McMoRan fall, Thursday, 5/16/2024

AIG Reduces Corebridge Stake, Sells 120M Shares To Nippon Life - American Intl Gr ( NYSE:AIG )

American International Group, Inc. AIG sold 120 million shares in Corebridge Financial Inc CRBG to Nippon Life for $3.8 billion. That's $31.47 per share. The stake represents 20% of Corebridge's outstanding shares. AIG retains a 9.9% stake for two years post-closing.

https://www.benzinga.com/m-a/24/05/38874554/aig-reduces-corebridge-stake-sells-120m-shares-to-nippon-life

News Article Image AIG Reduces Corebridge Stake, Sells 120M Shares To Nippon Life - American Intl Gr  ( NYSE:AIG )

AIG to sell 20% stake in Corebridge to Japan''s Nippon Life for $3.8B

American International Group Inc. said on Thursday it would sell a 20% stake in Corebridge Financial to Japan''s Nippon Life Insurance for $3.8 billion.

https://www.businessinsurance.com/article/20240516/NEWS06/912364502/AIG-to-sell-20-stake-in-Corebridge-to-Japans-Nippon-Life-for-$38B

News Article Image AIG to sell 20% stake in Corebridge to Japan''s Nippon Life for $3.8B

AIG sells a 20% ownership stake of Corebridge Financial to Nippon Life

AIG today announced that it has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company for $31.47 per share, for an aggregate purchase price of $3.8 billion. We are pleased to have Nippon Life become a strategic partner to Corebridge and believe that they will add meaningful value as an… The post AIG sells a 20% ownership stake of Corebridge Financial to Nippon Life appeared first on Insurance News | InsuranceNewsNet .

https://insurancenewsnet.com/oarticle/aig-sells-a-20-ownership-stake-of-corebridge-financial-to-nippon-life

News Article Image AIG sells a 20% ownership stake of Corebridge Financial to Nippon Life

AIG to sell 20% stake in insurer Corebridge to Nippon Life

NIPPON Life Insurance has agreed to acquire a 20 per cent stake in Corebridge Financial for about US$3.8 billion in cash, marking its biggest-ever deal as it seeks a foothold in the US.

https://www.businesstimes.com.sg/companies-markets/banking-finance/aig-sell-20-stake-insurer-corebridge-nippon-life

News Article Image AIG to sell 20% stake in insurer Corebridge to Nippon Life

Corebridge Financial Price History

16.04.2024 - CRBG Stock was up 10.0%

  • CRBG stock had a strong bullish movement today.
  • AIG sold a 20% stake in CRBG to Nippon Life for $3.8 billion, indicating a strategic partnership and potential value addition.
  • This significant investment from Nippon Life could have boosted investor confidence in CRBG, leading to the bullish market movement.
  • The deal showcases a positive outlook for CRBG's future growth and expansion, attracting more investors to the stock.

16.04.2024 - CRBG Stock was up 12.3%

  • Sold 120 million shares of Corebridge Financial to Nippon Life for $3.8 billion, representing a 20% stake in the company. This significant divestment could be seen as a strategic move to unlock value or reallocate capital.
  • The sale to Nippon Life, a Japanese insurance giant, could indicate a shift in ownership structure towards a more diversified and potentially global investor base, which might have positively influenced investor sentiment towards Corebridge Financial.
  • This transaction marks a substantial deal for Nippon Life as it seeks to establish a stronger presence in the US market through its acquisition of a significant stake in Corebridge Financial, potentially boosting confidence in the company's growth prospects.
  • Overall, the sale of the stake by AIG and the entry of Nippon Life as a strategic partner could be viewed as a positive development for Corebridge Financial, driving the bullish movement in the stock price.

01.11.2023 - CRBG Stock was down 3.0%

  • AIG announced a secondary offering of up to 40.25 million existing shares of Corebridge Financial common stock, indicating a potential increase in supply.
  • AIG's decision to sell off another 35 million shares of Corebridge Financial stock, less than a month after a previous sale, may have contributed to the bearish movement.
  • The selling of shares by AIG could have created selling pressure and led to a decline in the stock price.
  • The overall market sentiment towards Corebridge Financial may have been affected by the news of the secondary offering, leading to a bearish movement in the stock.

02.10.2023 - CRBG Stock was up 5.4%

  • The bullish movement in CRBG's stock today can be attributed to the following factors:
  • 1. Special Dividend Declaration: The announcement of a special dividend of $1.16 per share by Corebridge Financial's Board of Directors indicates the company's strong financial performance and commitment to returning value to its shareholders. This positive news likely attracted investors and contributed to the bullish movement.
  • 2. Successful Sale of Laya Healthcare: Corebridge Financial's completion of the sale of Laya Healthcare Limited to AXA S.A. demonstrates the company's strategic decision-making and ability to optimize its portfolio. This successful transaction may have boosted investor confidence and contributed to the bullish market movement.
  • 3. Lagging the Market: Despite the overall market performing well, Corebridge Financial's stock price only increased by 1% in the recent trading day. This suggests that while the company experienced some positive developments, it may not have fully capitalized on the market's bullish sentiment.
  • Overall, the combination of the special dividend declaration and successful sale of Laya Healthcare likely contributed to the bullish movement in Corebridge Financial's stock today. However, the stock's lagging performance compared to the broader market indicates that there may be additional factors at play that tempered the overall market impact.
i
Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.