Bank of Nova Scotia Trims Stock Holdings in Corebridge Financial, Inc. $CRBG

Bank of Nova Scotia cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 72.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 452,102 shares of the company’s stock after selling 1,163,867 shares during the quarter. Bank of Nova Scotia owned about 0.10% of Corebridge Financial worth $10,787,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CRBG. Salomon & Ludwin LLC increased its position in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC lifted its holdings in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares in the last quarter. Clearstead Advisors LLC boosted its position in shares of Corebridge Financial by 143.7% in the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after acquiring an additional 983 shares during the period. IFP Advisors Inc grew its stake in Corebridge Financial by 98.8% during the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock valued at $54,000 after acquiring an additional 893 shares in the last quarter. Finally, Key Capital Management INC bought a new stake in Corebridge Financial during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRBG shares. Jefferies Financial Group lifted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Piper Sandler raised their target price on shares of Corebridge Financial from $31.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $36.75.

Corebridge Financial Trading Down 0.0%

NYSE:CRBG opened at $31.28 on Monday. The company has a fifty day moving average of $28.90 and a 200 day moving average of $27.92. The firm has a market capitalization of $13.95 billion, a P/E ratio of 56.88, a P/E/G ratio of 0.39 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the prior year, the business posted $1.16 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Insider Transactions at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider owned 128,153 shares in the company, valued at $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.