Prudential Financial, Inc. (NYSE:PRU) Stock Position Raised by iA Global Asset Management Inc.

iA Global Asset Management Inc. lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 291.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,809 shares of the financial services provider’s stock after acquiring an additional 5,070 shares during the period. iA Global Asset Management Inc.’s holdings in Prudential Financial were worth $807,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PRU. Prospera Financial Services Inc raised its stake in shares of Prudential Financial by 3.9% in the 3rd quarter. Prospera Financial Services Inc now owns 8,466 shares of the financial services provider’s stock valued at $1,026,000 after acquiring an additional 318 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Prudential Financial by 1.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 116,069 shares of the financial services provider’s stock valued at $14,056,000 after acquiring an additional 1,286 shares in the last quarter. Commerce Bank raised its stake in shares of Prudential Financial by 7.1% in the 3rd quarter. Commerce Bank now owns 16,770 shares of the financial services provider’s stock valued at $2,031,000 after acquiring an additional 1,114 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Prudential Financial by 133.8% in the 3rd quarter. Pacer Advisors Inc. now owns 60,713 shares of the financial services provider’s stock valued at $7,352,000 after acquiring an additional 34,749 shares in the last quarter. Finally, Banco Santander S.A. grew its holdings in Prudential Financial by 12.4% in the 3rd quarter. Banco Santander S.A. now owns 5,313 shares of the financial services provider’s stock valued at $643,000 after buying an additional 586 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Price Performance

Prudential Financial stock opened at $110.35 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $39.51 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a one year low of $104.45 and a one year high of $130.55. The business has a 50 day simple moving average of $113.57 and a 200 day simple moving average of $119.04.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRU. TD Cowen raised their target price on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Morgan Stanley lowered their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Jefferies Financial Group raised their target price on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company raised their target price on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Finally, Piper Sandler lowered their target price on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and an average target price of $126.15.

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 Life, and International Businesses segments.