Bank of Nova Scotia decreased its stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 35.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,735 shares of the financial services provider’s stock after selling 18,597 shares during the period. Bank of Nova Scotia’s holdings in Prudential Financial were worth $3,201,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of PRU. FMR LLC lifted its holdings in Prudential Financial by 2.9% in the third quarter. FMR LLC now owns 1,315,215 shares of the financial services provider’s stock worth $124,801,000 after acquiring an additional 36,599 shares during the last quarter. Czech National Bank lifted its holdings in Prudential Financial by 46.8% in the third quarter. Czech National Bank now owns 63,444 shares of the financial services provider’s stock worth $6,020,000 after acquiring an additional 20,235 shares during the last quarter. Bridgewater Associates LP lifted its holdings in Prudential Financial by 80.5% in the second quarter. Bridgewater Associates LP now owns 248,877 shares of the financial services provider’s stock worth $21,956,000 after acquiring an additional 110,982 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Prudential Financial by 14.5% during the third quarter. Victory Capital Management Inc. now owns 268,728 shares of the financial services provider’s stock valued at $25,500,000 after buying an additional 34,054 shares during the last quarter. Finally, EPG Wealth Management LLC raised its holdings in shares of Prudential Financial by 11.8% during the third quarter. EPG Wealth Management LLC now owns 2,689 shares of the financial services provider’s stock valued at $255,000 after buying an additional 284 shares during the last quarter. Institutional investors own 54.92% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the company. TheStreet raised Prudential Financial from a “c+” rating to an “a-” rating in a report on Tuesday, February 6th. UBS Group raised their price objective on shares of Prudential Financial from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Morgan Stanley raised their price objective on shares of Prudential Financial from $105.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Raymond James lowered shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $118.00 price objective (down previously from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and a consensus target price of $105.60.
Insider Buying and Selling
In other news, CFO Kenneth Tanji sold 23,124 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $105.14, for a total transaction of $2,431,257.36. Following the transaction, the chief financial officer now owns 47,155 shares in the company, valued at approximately $4,957,876.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Timothy L. Schmidt sold 7,912 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $108.13, for a total value of $855,524.56. Following the sale, the senior vice president now owns 14,754 shares of the company’s stock, valued at $1,595,350.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kenneth Tanji sold 23,124 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $105.14, for a total transaction of $2,431,257.36. Following the completion of the sale, the chief financial officer now directly owns 47,155 shares in the company, valued at approximately $4,957,876.70. The disclosure for this sale can be found here. Insiders have sold 38,258 shares of company stock worth $4,069,575 in the last quarter. 0.37% of the stock is currently owned by company insiders.
Prudential Financial Stock Down 0.9 %
PRU stock opened at $108.01 on Monday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 1 year low of $75.37 and a 1 year high of $110.12. The company has a fifty day simple moving average of $105.20 and a 200 day simple moving average of $98.79. The firm has a market cap of $38.78 billion, a PE ratio of 16.15, a PEG ratio of 0.68 and a beta of 1.36.
Prudential Financial (NYSE:PRU – Get Free Report) last announced its earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing the consensus estimate of $2.67 by ($0.09). The firm had revenue of $13.02 billion during the quarter, compared to the consensus estimate of $12.99 billion. Prudential Financial had a return on equity of 14.52% and a net margin of 4.89%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.42 EPS. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.51 EPS for the current fiscal year.
Prudential Financial Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 14th. Investors of record on Tuesday, February 20th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend is Friday, February 16th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s dividend payout ratio (DPR) is 77.73%.
About Prudential Financial
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 Annuities, Individual Life, Assurance IQ, and International Businesses segments.
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