CIBC Asset Management Inc Acquires 2,226 Shares of Prudential Financial, Inc. (NYSE:PRU)

CIBC Asset Management Inc lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 4.3% during the 4th quarter, HoldingsChannel reports. The fund 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 filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AMF Tjanstepension AB grew its position in 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 purchasing an additional 22,588 shares during the last quarter. Foundations Investment Advisors LLC lifted its stake in shares of Prudential Financial by 32.8% in the third quarter. Foundations Investment Advisors LLC now owns 5,235 shares of the financial services provider’s stock valued at $634,000 after buying an additional 1,294 shares during the period. Sequoia Financial Advisors LLC grew its position in Prudential Financial by 5.7% during the third 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 in the last quarter. Leo Wealth LLC bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $216,000. Finally, Narwhal Capital Management acquired a new stake in shares of Prudential Financial during the 3rd quarter worth approximately $202,000. Institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $27.92 per share, with a total value 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 trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday. TD Cowen lifted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Piper Sandler dropped their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Barclays lifted their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and increased their target price for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $125.69.

Prudential Financial Price Performance

Shares of PRU stock opened at $111.59 on Thursday. The stock’s fifty day moving average is $117.29 and its 200-day moving average is $119.65. 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 $104.44 and a 52 week high of $130.55. The stock has a market capitalization of $39.95 billion, a PE ratio of 14.94, a PEG ratio of 0.99 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share 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%. Equities research analysts expect that Prudential Financial, Inc. will post 14.34 EPS for the current fiscal year.

Prudential Financial Increases Dividend

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

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.