Varma Mutual Pension Insurance Co Acquires 19,600 Shares of Prudential Financial, Inc. $PRU

Varma Mutual Pension Insurance Co increased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 22.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,839 shares of the financial services provider’s stock after acquiring an additional 19,600 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Prudential Financial were worth $11,291,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Prudential Financial in the 2nd quarter worth approximately $122,778,000. Vanguard Group Inc. boosted its holdings in Prudential Financial by 1.4% in the second quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock worth $4,566,432,000 after acquiring an additional 600,482 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Prudential Financial by 49.2% in the second quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider’s stock worth $184,192,000 after acquiring an additional 567,571 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Prudential Financial during the second quarter valued at $40,552,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Prudential Financial by 209.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock worth $55,871,000 after purchasing an additional 351,849 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Timothy L. Schmidt sold 8,000 shares of Prudential Financial stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $107.69, for a total transaction of $861,520.00. Following the transaction, the senior vice president owned 11,535 shares in the company, valued at $1,242,204.15. This trade represents a 40.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph J. Wolk acquired 400 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were acquired at an average cost of $105.32 per share, with a total value of $42,128.00. Following the transaction, the director owned 400 shares in the company, valued at approximately $42,128. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 1,408,139 shares of company stock valued at $35,128,697. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wall Street Zen cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. decreased their price objective on shares of Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a report on Wednesday, February 4th. Wells Fargo & Company increased their target price on Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. UBS Group boosted their price target on Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Finally, Piper Sandler increased their price objective on Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, December 23rd. One equities research analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $117.11.

Prudential Financial Stock Performance

PRU stock opened at $104.58 on Friday. The company has a market cap of $36.60 billion, a P/E ratio of 10.46, a price-to-earnings-growth ratio of 1.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $119.76. The stock’s fifty day moving average price is $111.87 and its 200-day moving average price is $107.37.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.37 by ($0.07). The firm had revenue of $15.69 billion during the quarter, compared to analysts’ expectations of $14.48 billion. Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.During the same period in the previous year, the business posted $2.96 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, February 17th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 5.4%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is presently 54.00%.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.