Public Sector Pension Investment Board Increases Position in Prudential Financial, Inc. (NYSE:PRU)

Public Sector Pension Investment Board boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,223 shares of the financial services provider’s stock after purchasing an additional 1,343 shares during the period. Public Sector Pension Investment Board’s holdings in Prudential Financial were worth $7,535,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Fiduciary Trust Co purchased a new position in Prudential Financial during the third quarter worth approximately $252,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Prudential Financial by 1.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 302,840 shares of the financial services provider’s stock worth $36,674,000 after purchasing an additional 4,782 shares during the period. Providence Capital Advisors LLC raised its stake in Prudential Financial by 1.0% during the third quarter. Providence Capital Advisors LLC now owns 27,677 shares of the financial services provider’s stock worth $3,352,000 after purchasing an additional 270 shares during the period. CreativeOne Wealth LLC raised its stake in Prudential Financial by 60.7% during the third quarter. CreativeOne Wealth LLC now owns 16,446 shares of the financial services provider’s stock worth $1,992,000 after purchasing an additional 6,209 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in Prudential Financial by 7.4% during the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock worth $2,176,000 after purchasing an additional 1,234 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

PRU has been the topic of a number of research reports. Bank of America raised their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Barclays raised their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. UBS Group raised their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Finally, Morgan Stanley cut their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Eleven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.92.

Prudential Financial Price Performance

Shares of PRU stock opened at $129.42 on Friday. The firm has a market cap of $46.07 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial, Inc. has a 1-year low of $96.45 and a 1-year high of $130.55. The firm has a fifty day moving average of $124.24 and a two-hundred day moving average of $120.11.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the business earned $3.44 EPS. As a group, research analysts anticipate that Prudential Financial, Inc. will post 13.35 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.02%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the stock in a transaction dated Monday, November 25th. The shares were bought at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the acquisition, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. The trade was a 12.66 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

Prudential Financial Company Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.