National Bank of Canada FI Increases Holdings in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• National Bank of Canada FI increased its holdings in Prudential Financial by 26.2%, now owning 314,176 shares valued at approximately $35 million after purchasing an additional 65,281 shares in the first quarter.
• Prudential Financial reported $3.58 earnings per share for the latest quarter, exceeding estimates of $3.22, along with a revenue of $13.50 billion, which was slightly above analyst expectations.
• The company announced a quarterly dividend of $1.35 per share, reflecting a dividend yield of 5.2% and a payout ratio of 119.73%.

National Bank of Canada FI boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 26.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 314,176 shares of the financial services provider's stock after purchasing an additional 65,281 shares during the period. National Bank of Canada FI owned about 0.09% of Prudential Financial worth $35,088,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its position in Prudential Financial by 23.7% during the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock valued at $555,513,000 after purchasing an additional 897,916 shares during the period. Goldman Sachs Group Inc. lifted its position in Prudential Financial by 19.2% during 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 lifted its position in Prudential Financial by 11.5% during the fourth 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 valued at $404,230,000 after purchasing an additional 352,335 shares during the period. Ameriprise Financial Inc. raised its position in Prudential Financial by 6.1% in the fourth 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. Finally, Mariner LLC raised its position in Prudential Financial by 3.7% in the fourth quarter. Mariner LLC now owns 1,476,899 shares of the financial services provider's stock worth $175,051,000 after acquiring an additional 52,010 shares during the period. Institutional investors own 56.83% of the company's stock.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was purchased 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 owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PRU shares. Morgan Stanley decreased their price target on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company decreased 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 research report on Wednesday, July 16th. Piper Sandler decreased their price target 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, Barclays increased their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $121.75.

Prudential Financial Price Performance

PRU traded up $2.00 during trading on Tuesday, hitting $105.26. 1,466,730 shares of the company traded hands, compared to its average volume of 1,810,008. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The company has a market cap of $37.05 billion, a PE ratio of 23.34, a P/E/G ratio of 0.95 and a beta of 1.07. The stock's 50-day simple moving average is $104.82 and its two-hundred day simple moving average is $106.58. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The business had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. During the same quarter in the prior year, the firm earned $3.39 EPS. The business's revenue was down 2.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio is currently 119.73%.

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.