National Bank of Canada FI Increases Stock Position in Prudential Financial, Inc. (NYSE:PRU)

National Bank of Canada FI lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 44.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 230,044 shares of the financial services provider’s stock after acquiring an additional 71,274 shares during the quarter. National Bank of Canada FI owned 0.06% of Prudential Financial worth $27,327,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PRU. Wellington Management Group LLP lifted its holdings in Prudential Financial by 59.7% in the third quarter. Wellington Management Group LLP now owns 38,664 shares of the financial services provider’s stock valued at $3,669,000 after acquiring an additional 14,459 shares during the period. LVW Advisors LLC bought a new stake in Prudential Financial during the fourth quarter valued at approximately $231,000. Raymond James & Associates grew its position in shares of Prudential Financial by 9.2% during the 4th quarter. Raymond James & Associates now owns 525,356 shares of the financial services provider’s stock valued at $54,485,000 after acquiring an additional 44,331 shares during the period. CVA Family Office LLC purchased a new stake in Prudential Financial in the 4th quarter worth approximately $110,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Prudential Financial by 6.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 225,946 shares of the financial services provider’s stock worth $23,433,000 after purchasing an additional 13,059 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Prudential Financial stock traded up $1.14 during mid-day trading on Thursday, reaching $124.52. 305,998 shares of the company traded hands, compared to its average volume of 1,443,361. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a fifty-two week low of $87.95 and a fifty-two week high of $128.52. The company has a market capitalization of $44.70 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 0.97 and a beta of 1.34. The firm’s fifty day moving average is $119.08 and its two-hundred day moving average is $113.19.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). The business had revenue of $15.01 billion during the quarter, compared to analysts’ expectations of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The firm’s revenue was up 69.9% on a year-over-year basis. During the same period last year, the company earned $2.66 earnings per share. On average, equities research analysts expect that Prudential Financial, Inc. will post 13.38 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date was Monday, May 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Analysts Set New Price Targets

PRU has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a research note on Monday, July 8th. Evercore ISI lifted their price target on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Jefferies Financial Group cut their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday, June 28th. JPMorgan Chase & Co. raised their price target on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley raised their target price on shares of Prudential Financial from $120.00 to $123.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and an average price target of $116.92.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were acquired at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the sale, the executive vice president now directly owns 202,083 shares in the company, valued at $23,960,981.31. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the transaction, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

Prudential Financial 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.