Canada Pension Plan Investment Board Purchases 3,872 Shares of Prudential Financial, Inc. $PRU

Key Points

• The Canada Pension Plan Investment Board increased its stake in Prudential Financial, acquiring an additional 3,872 shares, bringing its total holdings to 168,176 shares worth approximately $18.78 million.
• In addition to Canada Pension Plan, several institutional investors have modified their positions in Prudential Financial, with notable increases from Invesco Ltd. and Goldman Sachs Group Inc.
• Prudential Financial announced a quarterly dividend of $1.35 per share, reflecting an annualized yield of 4.9%, despite a dividend payout ratio of 119.73%.

Canada Pension Plan Investment Board boosted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 168,176 shares of the financial services provider's stock after buying an additional 3,872 shares during the period. Canada Pension Plan Investment Board's holdings in Prudential Financial were worth $18,782,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 133 shares during the period. AXA S.A. increased its stake in shares of Prudential Financial by 32.2% in the fourth quarter. AXA S.A. now owns 61,612 shares of the financial services provider's stock worth $7,303,000 after buying an additional 15,006 shares during the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Prudential Financial by 26.1% in the fourth quarter. Aptus Capital Advisors LLC now owns 6,970 shares of the financial services provider's stock worth $826,000 after buying an additional 1,443 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Prudential Financial by 6.1% in the fourth quarter. Ameriprise Financial Inc. now owns 1,706,530 shares of the financial services provider's stock worth $202,279,000 after buying an additional 97,406 shares during the last quarter. Finally, BNP Paribas boosted its holdings in Prudential Financial by 539.9% in the fourth quarter. BNP Paribas now owns 4,447 shares of the financial services provider's stock worth $527,000 after purchasing an additional 3,752 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PRU shares. Piper Sandler decreased their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Barclays boosted their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley boosted their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of "Hold" and an average target price of $122.08.

Insider Activity

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the sale, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the business's stock in a transaction on Monday, June 16th. The shares were bought at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the acquisition, the insider owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their position. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by insiders.

Prudential Financial Stock Performance

Shares of NYSE PRU traded down $3.22 during midday trading on Friday, reaching $105.62. 1,633,016 shares of the company traded hands, compared to its average volume of 1,470,973. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The stock has a 50-day moving average price of $105.88 and a 200 day moving average price of $105.65. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $37.18 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.47 billion. During the same period in the previous year, the business earned $3.39 earnings per share. Prudential Financial's revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be given a $1.35 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.1%. Prudential Financial's payout ratio is 119.73%.

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.