Bank of Nova Scotia Sells 53,303 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

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

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in shares of Corebridge Financial by 13.3% during the third quarter. Wellington Management Group LLP now owns 78,488 shares of the company's stock worth $2,289,000 after acquiring an additional 9,229 shares in the last quarter. XTX Topco Ltd lifted its holdings in shares of Corebridge Financial by 27.2% in the third quarter. XTX Topco Ltd now owns 10,505 shares of the company's stock valued at $306,000 after purchasing an additional 2,246 shares in the last quarter. MML Investors Services LLC boosted its position in shares of Corebridge Financial by 6.5% during the third quarter. MML Investors Services LLC now owns 17,170 shares of the company's stock valued at $501,000 after buying an additional 1,055 shares during the last quarter. Barclays PLC grew its stake in shares of Corebridge Financial by 20.0% in the 3rd quarter. Barclays PLC now owns 358,035 shares of the company's stock worth $10,441,000 after acquiring an additional 59,702 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Corebridge Financial by 5.4% during the third quarter. Geode Capital Management LLC now owns 4,186,265 shares of the company's stock valued at $121,765,000 after purchasing an additional 215,362 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.38 during trading on Monday, hitting $27.32. The company's stock had a trading volume of 261,066 shares, compared to its average volume of 3,569,982. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $35.36. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 7.24, a P/E/G ratio of 0.43 and a beta of 0.98. 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 company has a 50-day moving average of $31.00 and a 200-day moving average of $31.21.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data 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%. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently declared 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 annualized dividend and a yield of 3.51%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's payout ratio is currently 25.40%.

Analysts Set New Price Targets

CRBG has been the topic of several recent research reports. Piper Sandler upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Keefe, Bruyette & Woods cut their price objective on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Barclays dropped their price target on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.15.

About Corebridge Financial

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.