Ontario Teachers Pension Plan Board Has $557,000 Stake in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Ontario Teachers Pension Plan Board increased its stake in Prudential Financial by 138.2% in the first quarter, reaching a total holding worth $557,000.
• Several hedge funds have also increased their stakes in Prudential Financial, with Northern Trust Corp boosting its holdings by 23.7% in the fourth quarter.
• Prudential Financial announced a quarterly dividend of $1.35 per share, representing a 5.2% dividend yield and highlighting strong returns for shareholders.

Ontario Teachers Pension Plan Board increased its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 138.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,986 shares of the financial services provider's stock after buying an additional 2,893 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Prudential Financial were worth $557,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Northern Trust Corp lifted its position in shares of 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 worth $555,513,000 after purchasing an additional 897,916 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Prudential Financial by 11,280.3% during the first quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock worth $96,923,000 after purchasing an additional 860,239 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 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 worth $469,777,000 after purchasing an additional 678,028 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Prudential Financial by 322.9% during the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock valued at $84,287,000 after buying an additional 542,964 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Prudential Financial by 11.5% in 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 last quarter. 56.83% of the stock is currently owned by institutional investors.

Insider Activity at Prudential Financial

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PRU shares. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company dropped their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler decreased their target price 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. Finally, UBS Group cut their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $121.75.

Prudential Financial Stock Up 0.0%

Shares of NYSE:PRU traded up $0.01 during mid-day trading on Monday, hitting $103.31. 2,000,113 shares of the company traded hands, compared to its average volume of 1,780,626. The firm has a market cap of $36.37 billion, a P/E ratio of 22.91, a PEG ratio of 0.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The firm's 50 day simple moving average is $104.81 and its 200 day simple moving average is $106.59.

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

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's 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.