Mirae Asset Global Investments Co. Ltd. Has $7.24 Million Holdings in Prudential Financial, Inc. $PRU

Key Points

• Mirae Asset Global Investments boosted its stake in Prudential by 20.5%, buying an additional 10,937 shares to hold 64,178 shares worth about $7.24 million at quarter-end.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60), implying a yield of roughly 5.5% and a dividend payout ratio of 56%.
• The company reported Q EPS of $3.30 (missing estimates by $0.07) on $14.52 billion revenue, and analysts have trimmed forecasts—MarketBeat shows an average rating of Reduce with a $108 target.

Mirae Asset Global Investments Co. Ltd. lifted its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 20.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,178 shares of the financial services provider's stock after buying an additional 10,937 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Prudential Financial were worth $7,244,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PRU. Lodestone Wealth Management LLC acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $28,000. Wealth Watch Advisors INC acquired a new position in shares of Prudential Financial in the 3rd quarter worth approximately $30,000. Chilton Capital Management LLC raised its holdings in shares of Prudential Financial by 146.5% in the 3rd quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider's stock worth $36,000 after buying an additional 208 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in shares of Prudential Financial in the 2nd quarter worth approximately $36,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of Prudential Financial in the 3rd quarter worth approximately $54,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $102.58 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a market cap of $35.68 billion, a P/E ratio of 10.26, a P/E/G ratio of 1.30 and a beta of 0.95. The firm has a 50 day simple moving average of $98.27 and a 200 day simple moving average of $104.97. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $119.76.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing analysts' consensus estimates of $3.37 by ($0.07). The company had revenue of $14.52 billion during the quarter, compared to analyst estimates of $14.48 billion. Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. During the same period in the prior year, the business earned $2.96 EPS. Sell-side analysts predict that Prudential Financial, Inc. will post 14.05 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Tuesday, February 17th were issued a $1.40 dividend. This is an increase from Prudential Financial's previous quarterly dividend of $1.35. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend was Tuesday, February 17th. Prudential Financial's dividend payout ratio (DPR) is 56.00%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, Director Thomas D. Stoddard bought 250 shares of the stock in a transaction on Tuesday, February 17th. The stock was purchased at an average price of $102.97 per share, with a total value of $25,742.50. Following the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph J. Wolk bought 400 shares of the stock in a transaction on Wednesday, February 11th. The shares were acquired at an average cost of $105.32 per share, with a total value of $42,128.00. Following the acquisition, the director directly owned 400 shares in the company, valued at approximately $42,128. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 1,408,389 shares of company stock valued at $35,154,439. 0.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PRU shares. Morgan Stanley reduced their target price on Prudential Financial from $120.00 to $111.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings downgraded Prudential Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, March 13th. Bank of America reduced their target price on Prudential Financial from $112.00 to $104.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Wells Fargo & Company reduced their target price on Prudential Financial from $103.00 to $95.00 and set an "underweight" rating on the stock in a report on Friday, April 10th. Finally, JPMorgan Chase & Co. reduced their target price on Prudential Financial from $133.00 to $127.00 and set a "neutral" rating on the stock in a report on Wednesday, February 4th. Ten analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $108.00.

About Prudential Financial

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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