Prudential Financial, Inc. (NYSE:PRU) Stock Holdings Increased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,394 shares of the financial services provider’s stock after buying an additional 2,226 shares during the period. CIBC Asset Management Inc’s holdings in Prudential Financial were worth $6,447,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. AMF Tjanstepension AB grew its holdings in shares of Prudential Financial by 12.5% in the 3rd quarter. AMF Tjanstepension AB now owns 203,197 shares of the financial services provider’s stock worth $24,642,000 after acquiring an additional 22,588 shares during the last quarter. Foundations Investment Advisors LLC increased its stake in Prudential Financial by 32.8% in the 3rd quarter. Foundations Investment Advisors LLC now owns 5,235 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 1,294 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Prudential Financial by 5.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 7,981 shares of the financial services provider’s stock worth $966,000 after buying an additional 427 shares during the period. Leo Wealth LLC purchased a new stake in Prudential Financial during the third quarter valued at about $216,000. Finally, Narwhal Capital Management acquired a new position in shares of Prudential Financial in the third quarter worth about $202,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Barclays upped their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. TD Cowen lifted their price target on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Keefe, Bruyette & Woods dropped their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. 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 research note on Thursday, January 16th. Finally, Jefferies Financial Group increased their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $125.69.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This represents a 12.66 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by company insiders.

Prudential Financial Price Performance

NYSE PRU opened at $111.59 on Thursday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $39.95 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 0.99 and a beta of 1.31. Prudential Financial, Inc. has a 12-month low of $104.44 and a 12-month high of $130.55. The company has a 50 day moving average price of $117.29 and a two-hundred day moving average price of $119.65.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, equities analysts predict that Prudential Financial, Inc. will post 14.34 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be issued a dividend of $1.35 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.84%. Prudential Financial’s dividend payout ratio is currently 69.61%.

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.