Mirae Asset Global Investments Co. Ltd. Purchases New Position in Prudential Financial, Inc. $PRU

Key Points

• Mirae Asset Global Investments opened a new Prudential Financial position in the third quarter, buying 93,775 shares valued at approximately $10.65 million.
• Prudential reported quarterly EPS of $3.77, beating analyst expectations, while revenue of $14.45 billion missed estimates and earnings declined from $4.26 a year earlier.
• Shares offered a stated annual dividend yield of 4.4%; analysts’ consensus rating was “Reduce,” with an average price target of $111.53.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 93,775 shares of the financial services provider's stock, valued at approximately $10,651,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Archer Investment Corp bought a new stake in Prudential Financial in the second quarter worth approximately $26,000. MADDEN SECURITIES Corp bought a new position in shares of Prudential Financial during the 3rd quarter valued at $38,000. Center for Financial Planning Inc. raised its holdings in shares of Prudential Financial by 90.4% during the 3rd quarter. Center for Financial Planning Inc. now owns 339 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 161 shares in the last quarter. EFG International AG lifted its stake in shares of Prudential Financial by 452.2% in the 2nd quarter. EFG International AG now owns 381 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 312 shares during the last quarter. Finally, Reyes Financial Architecture Inc. acquired a new stake in shares of Prudential Financial in the 3rd quarter valued at $41,000. Institutional investors own 56.83% of the company's stock.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $126.67 on Thursday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $116.96 and a 200-day simple moving average of $108.86. The stock has a market capitalization of $43.70 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.99 and a beta of 0.85. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $127.79.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.33 by $0.44. The business had revenue of $14.45 billion for the quarter, compared to analyst estimates of $14.66 billion. Prudential Financial had a net margin of 6.75% and a return on equity of 16.08%. During the same period last year, the business posted $4.26 EPS. On average, sell-side analysts expect that Prudential Financial, Inc. will post 13.51 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were paid a $1.40 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.4%. Prudential Financial's payout ratio is presently 50.72%.

Trending Headlines about Prudential Financial

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Earnings topped expectations. Third-quarter earnings were $3.77 per share, ahead of analyst estimates of $3.34. Reports cited PGIM and U.S. protection as sources of strength. Read More.
• Positive Sentiment: Annuity sales reached a 13-year high, offering evidence of strong demand in an important business line. Read More.
• Neutral Sentiment: Investors may look to management’s outlook and strategy. Prudential’s Q3 earnings call covered the company’s results and business reshaping. Read More.
• Negative Sentiment: Revenue missed estimates and earnings declined year over year. Revenue of $14.45 billion was below the $14.66 billion consensus, while earnings fell from $4.26 per share in the year-ago quarter. Read More.
• Negative Sentiment: Japan remains a headwind. The suspension of business there reduced income by $191 million, while Prudential is also accounting for a reported $1.3 billion Japan-related cost as it reshapes its Asia and emerging-markets footprint. Read More.
• Negative Sentiment: Some analyst signals remain cautious. Barclays raised its price target to $98 from $94 but kept an “underweight” rating; Zacks also added PRU to its Strong Sell list. Read More. · Read More.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRU shares. Wells Fargo & Company lowered their target price on shares of Prudential Financial from $104.00 to $103.00 and set an "underweight" rating on the stock in a research report on Wednesday, October 28th. Mizuho set a $108.00 price target on Prudential Financial in a research report on Monday, October 12th. Weiss Ratings cut Prudential Financial from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, October 14th. Zacks Research downgraded Prudential Financial from a "hold" rating to a "strong sell" rating in a research note on Friday, October 23rd. Finally, Morgan Stanley lowered their price objective on Prudential Financial from $105.00 to $100.00 and set an "underweight" rating on the stock in a report on Monday, October 19th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $111.53.

Insider Activity at Prudential Financial

In related news, EVP Ann Kappler sold 7,652 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.05% of the company's stock.

About Prudential Financial

Prudential Financial, Inc NYSE: PRU is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.

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