Canada Pension Plan Investment Board Purchases 8,900 Shares of Prudential Financial, Inc. (NYSE:PRU)

Canada Pension Plan Investment Board grew its position in Prudential Financial, Inc. (NYSE:PRU) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 164,304 shares of the financial services provider’s stock after acquiring an additional 8,900 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Prudential Financial were worth $19,475,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Grove Bank & Trust increased its stake in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $29,000. CGC Financial Services LLC lifted its position in shares of Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after buying an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new stake in Prudential Financial in the 4th quarter valued at $33,000. Finally, Hopwood Financial Services Inc. acquired a new position in Prudential Financial during the fourth quarter worth $34,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Price Performance

NYSE PRU opened at $99.39 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The business has a 50 day simple moving average of $107.69 and a 200 day simple moving average of $116.87. The stock has a market cap of $35.23 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 0.98 and a beta of 1.11.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data 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 net margin of 4.01% and a return on equity of 15.86%. Analysts anticipate 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. Stockholders of record on Tuesday, February 18th were issued a $1.35 dividend. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.43%. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was purchased at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the purchase, the insider now directly owns 139,987 shares in the company, valued at $3,992,429.24. This trade represents a 60.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. UBS Group lowered their target price on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Wells Fargo & Company decreased their price objective on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. reduced their target price on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target for the company. Finally, Morgan Stanley reduced their price objective on 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $121.85.

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.