Caisse de depot et placement du Quebec Has $17.28 Million Stock Holdings in Prudential Financial, Inc. $PRU

Key Points

• Caisse de dépôt et placement du Québec increased its Prudential Financial stake by 1,014.7% in the second quarter, bringing its holdings to 160,131 shares valued at approximately $17.28 million. Institutional investors collectively own 56.83% of PRU.
• Prudential reported quarterly earnings of $4.08 per share, exceeding analyst expectations of $3.52, while revenue of $14.15 billion fell slightly short of estimates.
• The company declared a quarterly dividend of $1.40 per share, equivalent to an annualized $5.60 payout and a 4.7% yield. Despite the dividend, analysts maintain a consensus “Reduce” rating with an average price target of $109.31.

Caisse de depot et placement du Quebec boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1,014.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 160,131 shares of the financial services provider's stock after buying an additional 145,766 shares during the period. Caisse de depot et placement du Quebec's holdings in Prudential Financial were worth $17,283,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Jupiter Topco LLC bought a new stake in Prudential Financial in the 2nd quarter valued at $5,212,000. EFG International AG boosted its stake in Prudential Financial by 452.2% in the 2nd quarter. EFG International AG now owns 381 shares of the financial services provider's stock worth $41,000 after purchasing an additional 312 shares during the period. Canada Pension Plan Investment Board increased its holdings in Prudential Financial by 417.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 530,236 shares of the financial services provider's stock worth $57,228,000 after purchasing an additional 427,732 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Prudential Financial by 21.3% in the 2nd quarter. Jones Financial Companies Lllp now owns 58,436 shares of the financial services provider's stock valued at $6,325,000 after purchasing an additional 10,257 shares during the period. Finally, Park Place Capital Corp lifted its holdings in shares of Prudential Financial by 413.6% in the second quarter. Park Place Capital Corp now owns 9,286 shares of the financial services provider's stock valued at $1,002,000 after purchasing an additional 7,478 shares in the last quarter. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Performance

PRU opened at $119.80 on Friday. The business's 50-day simple moving average is $117.95 and its 200 day simple moving average is $106.27. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $41.33 billion, a PE ratio of 10.85, a PEG ratio of 2.26 and a beta of 0.84.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same quarter in the previous year, the firm earned $3.58 EPS. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 14.35 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Tuesday, August 25th. Prudential Financial's payout ratio is presently 50.72%.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider owned 7,973,657 shares of the company's stock, valued at $197,348,010.75. This trade represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PRU shares. Barclays upped their price objective on Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their target price on Prudential Financial from $129.00 to $131.00 and gave the company a "neutral" rating in a research note on Monday, August 17th. Keefe, Bruyette & Woods upped their price target on Prudential Financial from $113.00 to $123.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 11th. Wells Fargo & Company raised their price target on shares of Prudential Financial from $103.00 to $110.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 19th. Finally, Piper Sandler boosted their price objective on shares of Prudential Financial from $110.00 to $128.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $109.31.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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