Knights of Columbus Asset Advisors LLC Purchases 5,207 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Knights of Columbus Asset Advisors LLC increased its investment in Prudential Financial by 8.4%, acquiring an additional 5,207 shares for a total of 67,520 shares valued at approximately $7.54 million.
• Prudential Financial reported earnings of $3.29 per share, exceeding analysts' expectations of $3.18, although its revenue of $13.61 billion fell short of projections.
• The company announced a quarterly dividend of $1.35 per share, representing an annual yield of 5.17% and a payout ratio of 85.58%.

Knights of Columbus Asset Advisors LLC raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 8.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,520 shares of the financial services provider's stock after acquiring an additional 5,207 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Prudential Financial were worth $7,541,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PRU. Norges Bank bought a new stake in Prudential Financial in the fourth quarter worth $115,878,000. Northern Trust Corp increased its holdings in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after buying an additional 897,916 shares during the period. GAMMA Investing LLC lifted its stake in shares of Prudential Financial by 11,280.3% in the 1st quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock valued at $96,923,000 after acquiring an additional 860,239 shares during the last quarter. Marshall Wace LLP grew its position in Prudential Financial by 322.9% during the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock worth $84,287,000 after acquiring an additional 542,964 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Prudential Financial by 11.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock worth $404,230,000 after purchasing an additional 352,335 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The stock was purchased at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company's stock.

Prudential Financial Stock Up 0.2%

Shares of PRU stock traded up $0.17 during midday trading on Tuesday, reaching $103.92. 616,094 shares of the stock were exchanged, compared to its average volume of 1,758,969. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm has a market cap of $36.79 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company's 50 day moving average is $104.95 and its two-hundred day moving average is $107.68. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.11. The company had revenue of $13.61 billion for the quarter, compared to analysts' expectations of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.12 earnings per share. On average, equities research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.20%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's payout ratio is currently 85.58%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler dropped their price objective on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. Wells Fargo & Company cut their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. Keefe, Bruyette & Woods decreased their price objective on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley dropped their target price on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Finally, UBS Group reduced their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $121.75.

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.