Korea Investment CORP Has $29.99 Million Holdings in Prudential Financial, Inc. $PRU

Key Points

• Korea Investment CORP increased its stake in Prudential Financial, Inc. by 3.7% in the first quarter, now owning 268,566 shares valued at approximately $30 million.
• Research analysts have mixed opinions on Prudential Financial, with a consensus rating of "Hold" and an average target price of $122.08.
• The company recently announced a quarterly dividend of $1.35, which represents a 5.1% dividend yield, despite having a payout ratio of 119.73%.

Korea Investment CORP boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 268,566 shares of the financial services provider's stock after acquiring an additional 9,630 shares during the quarter. Korea Investment CORP owned approximately 0.08% of Prudential Financial worth $29,993,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Northern Trust Corp boosted its stake in shares of Prudential Financial by 23.7% during the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after acquiring an additional 897,916 shares in the last quarter. Invesco Ltd. boosted its position in Prudential Financial by 2.7% during the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock worth $495,859,000 after purchasing an additional 116,079 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Prudential Financial by 19.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock valued at $469,777,000 after purchasing an additional 678,028 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Prudential Financial by 11.5% during 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 buying an additional 352,335 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Prudential Financial by 6.1% in the 4th quarter. Ameriprise Financial Inc. now owns 1,706,530 shares of the financial services provider's stock worth $202,279,000 after acquiring an additional 97,406 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRU. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their price target on Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday. Keefe, Bruyette & Woods reduced their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. Piper Sandler dropped their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Price Performance

NYSE:PRU traded up $2.63 during trading hours on Friday, reaching $109.80. The company had a trading volume of 1,957,163 shares, compared to its average volume of 1,771,471. The firm has a market capitalization of $38.65 billion, a PE ratio of 24.35, a PEG ratio of 0.95 and a beta of 1.07. The stock has a 50-day moving average of $105.21 and a two-hundred day moving average of $105.94. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $3.39 EPS. Analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio is presently 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.