Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 302,840 shares of the financial services provider’s stock after acquiring an additional 4,782 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of Prudential Financial worth $36,674,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PRU. Bayesian Capital Management LP acquired a new position in shares of Prudential Financial in the 1st quarter valued at $247,000. Janus Henderson Group PLC boosted its holdings in Prudential Financial by 49.5% in the first quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock valued at $9,409,000 after acquiring an additional 26,520 shares during the last quarter. Tidal Investments LLC grew its position in Prudential Financial by 35.5% during the first quarter. Tidal Investments LLC now owns 19,524 shares of the financial services provider’s stock valued at $2,292,000 after acquiring an additional 5,111 shares during the period. Comerica Bank increased its stake in Prudential Financial by 28.2% during the first quarter. Comerica Bank now owns 100,035 shares of the financial services provider’s stock worth $11,744,000 after acquiring an additional 22,017 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Prudential Financial in the 1st quarter valued at about $48,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of research analyst reports. Barclays increased their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Piper Sandler increased their price target on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. UBS Group boosted their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $125.92.

Insiders Place Their Bets

In related news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This represents a 9.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 6.61 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Prudential Financial Trading Up 0.3 %

NYSE PRU opened at $129.52 on Friday. The company has a market capitalization of $46.11 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth 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 12 month low of $95.10 and a 12 month high of $130.55. The company’s fifty day moving average price is $124.08 and its two-hundred day moving average price is $120.03.

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

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.01%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Prudential Financial 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.