Bank of Nova Scotia Reduces Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Bank of Nova Scotia trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 85.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,364 shares of the company's stock after selling 53,303 shares during the quarter. Bank of Nova Scotia's holdings in Corebridge Financial were worth $280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Fortitude Family Office LLC purchased a new position in Corebridge Financial during the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC grew its stake in shares of Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares during the period. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $30,000. Finally, Blue Trust Inc. boosted its holdings in Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock worth $33,000 after buying an additional 729 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CRBG shares. Morgan Stanley cut their price objective on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Piper Sandler upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. UBS Group lowered Corebridge Financial from a "buy" rating to a "sell" rating and dropped their price objective for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Wells Fargo & Company decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $36.15.

Corebridge Financial Trading Up 1.5 %

Shares of NYSE:CRBG traded up $0.42 during midday trading on Friday, reaching $27.71. 2,840,221 shares of the company's stock were exchanged, compared to its average volume of 3,581,692. The firm's 50 day simple moving average is $31.00 and its two-hundred day simple moving average is $31.17. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $15.40 billion, a price-to-earnings ratio of 7.33, a P/E/G ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.46%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is presently 25.40%.

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.