Prudential Financial, Inc. (NYSE:PRU) Shares Bought by Korea Investment CORP

Korea Investment CORP increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 10.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 258,936 shares of the financial services provider’s stock after acquiring an additional 24,342 shares during the period. Korea Investment CORP owned approximately 0.07% of Prudential Financial worth $30,692,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Larson Financial Group LLC grew its stake in shares of Prudential Financial by 18.0% during the 3rd quarter. Larson Financial Group LLC now owns 715 shares of the financial services provider’s stock valued at $87,000 after buying an additional 109 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Prudential Financial during the third quarter worth about $283,000. FMR LLC lifted its stake in shares of Prudential Financial by 31.3% in the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock valued at $174,903,000 after purchasing an additional 344,254 shares in the last quarter. Freedom Investment Management Inc. grew its holdings in shares of Prudential Financial by 14.0% during the 3rd quarter. Freedom Investment Management Inc. now owns 3,478 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 427 shares during the period. Finally, Glenmede Trust Co. NA lifted its position in Prudential Financial by 7.4% during the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock valued at $2,176,000 after buying an additional 1,234 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Down 3.9 %

Shares of Prudential Financial stock opened at $109.94 on Friday. The business has a 50-day moving average price of $113.09 and a 200 day moving average price of $118.92. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55. The firm has a market cap of $39.36 billion, a P/E ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results 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%. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is currently 72.29%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRU. Morgan Stanley cut their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Piper Sandler reduced their price objective 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. Wells Fargo & Company increased their target price on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 19th. BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Finally, Jefferies Financial Group increased their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $126.15.

Insider Buying and Selling

In related news, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

Prudential Financial Company Profile

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.