Canada Pension Plan Investment Board boosted its stake in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 417.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 530,236 shares of the financial services provider’s stock after purchasing an additional 427,732 shares during the period. Canada Pension Plan Investment Board owned about 0.15% of Prudential Financial worth $57,228,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Keating Financial Advisory Services Inc. raised its position in shares of Prudential Financial by 34.8% during the second quarter. Keating Financial Advisory Services Inc. now owns 395 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 102 shares during the last quarter. Rossby Financial LCC boosted its holdings in Prudential Financial by 32.4% in the fourth quarter. Rossby Financial LCC now owns 421 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 103 shares during the last quarter. TD Private Client Wealth LLC increased its position in Prudential Financial by 5.6% during the 4th quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 104 shares during the period. Western Wealth Management LLC raised its holdings in Prudential Financial by 1.7% during the 4th quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider’s stock worth $702,000 after purchasing an additional 105 shares during the last quarter. Finally, Apella Capital LLC raised its holdings in Prudential Financial by 3.7% during the 1st quarter. Apella Capital LLC now owns 2,979 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 106 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.
Prudential Financial Stock Up 0.2%
Shares of NYSE PRU opened at $120.43 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.55 billion, a PE ratio of 10.91, a P/E/G ratio of 2.26 and a beta of 0.84. The company’s fifty day simple moving average is $117.69 and its 200 day simple moving average is $106.17. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $127.72.
Prudential Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial’s payout ratio is presently 50.72%.
Insider Buying and Selling
In other news, EVP Ann M. Kappler sold 7,652 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares in the company, valued at $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Barclays boosted their target price on shares of Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Tuesday, July 7th. Wall Street Zen cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Argus downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Finally, Wells Fargo & Company boosted their price objective on Prudential Financial from $103.00 to $110.00 and gave the company an “underweight” rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $109.31.
Get Our Latest Report on Prudential Financial
Prudential Financial Company Profile
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.
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