DNB Asset Management AS Acquires 58,050 Shares of Prudential Financial, Inc. $PRU

Key Points

• DNB Asset Management AS increased its Prudential Financial stake by 83% in the fourth quarter, buying 58,050 additional shares and bringing its total holding to 127,984 shares worth about $14.4 million.
• Prudential reported better-than-expected quarterly results, with EPS of $3.61 versus the $3.09 estimate and revenue of $15.23 billion versus $14.10 billion expected.
• The company also declared a quarterly dividend of $1.40 per share, implying a 5.5% annualized yield, while analysts currently rate the stock a consensus “Reduce” with an average target price of $101.50.

DNB Asset Management AS raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 83.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,984 shares of the financial services provider's stock after acquiring an additional 58,050 shares during the quarter. DNB Asset Management AS's holdings in Prudential Financial were worth $14,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PRU. Salomon & Ludwin LLC raised its holdings in Prudential Financial by 98.3% during the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 114 shares during the period. Lodestone Wealth Management LLC bought a new position in shares of Prudential Financial in the fourth quarter worth $28,000. Coston McIsaac & Partners increased its holdings in shares of Prudential Financial by 93.4% in the fourth quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider's stock worth $29,000 after purchasing an additional 128 shares during the period. Wealth Watch Advisors INC bought a new position in shares of Prudential Financial in the third quarter worth $30,000. Finally, Dunhill Financial LLC increased its holdings in shares of Prudential Financial by 982.8% in the fourth quarter. Dunhill Financial LLC now owns 314 shares of the financial services provider's stock worth $35,000 after purchasing an additional 285 shares during the period. Institutional investors own 56.83% of the company's stock.

Insider Transactions at Prudential Financial

In related news, Director Thomas D. Stoddard bought 250 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $102.97 per share, for a total transaction of $25,742.50. Following the completion of the transaction, the director owned 250 shares of the company's stock, valued at approximately $25,742.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.05% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on PRU shares. Evercore reaffirmed a "negative" rating on shares of Prudential Financial in a report on Friday, March 6th. Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock a "market perform" rating in a report on Wednesday, May 13th. Barclays upped their price target on shares of Prudential Financial from $89.00 to $90.00 and gave the stock an "underweight" rating in a report on Wednesday, May 6th. Mizuho upped their price target on shares of Prudential Financial from $96.00 to $101.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Prudential Financial from $133.00 to $127.00 and set a "neutral" rating on the stock in a report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Prudential Financial presently has a consensus rating of "Reduce" and an average target price of $101.50.

Prudential Financial Stock Down 0.0%

Shares of NYSE:PRU opened at $101.88 on Monday. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $119.76. The firm has a fifty day moving average of $97.13 and a 200 day moving average of $104.57. The firm has a market capitalization of $35.35 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 1.87 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The company had revenue of $15.23 billion during the quarter, compared to analyst estimates of $14.10 billion. During the same period in the previous year, the business earned $3.29 earnings per share. As a group, research analysts anticipate that Prudential Financial, Inc. will post 13.71 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Tuesday, May 26th will be given a $1.40 dividend. The ex-dividend date is Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 5.5%. Prudential Financial's payout ratio is 57.61%.

Prudential Financial 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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