Bank of Nova Scotia Sells 34,355 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• The Bank of Nova Scotia reduced its stake in Prudential Financial by 20.6%, selling 34,355 shares and holding 132,192 shares worth approximately $14.76 million as of the latest SEC disclosure.
• Key institutional investors such as Northern Trust Corp and UBS AM increased their positions in Prudential Financial during the fourth quarter, reflecting a diverse interest from institutional players in the stock.
• Prudential Financial recently announced a $1.35 quarterly dividend, amounting to an annualized dividend yield of 5.4%, although its payout ratio currently stands at a high 119.73%.

Bank of Nova Scotia trimmed its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 20.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 132,192 shares of the financial services provider's stock after selling 34,355 shares during the quarter. Bank of Nova Scotia's holdings in Prudential Financial were worth $14,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Pathway Financial Advisers LLC raised its holdings in shares of Prudential Financial by 8.0% in the 1st quarter. Pathway Financial Advisers LLC now owns 9,858 shares of the financial services provider's stock worth $1,101,000 after buying an additional 730 shares in the last quarter. SPC Financial Inc. increased its stake in Prudential Financial by 2.6% during the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after purchasing an additional 100 shares in the last quarter. TIAA Trust National Association grew its stake in shares of Prudential Financial by 7.2% during the 1st quarter. TIAA Trust National Association now owns 4,034 shares of the financial services provider's stock worth $451,000 after acquiring an additional 272 shares in the last quarter. Blueshift Asset Management LLC acquired a new stake in Prudential Financial during the 1st quarter valued at $286,000. Finally, Commerce Bank lifted its holdings in shares of Prudential Financial by 3.1% during the first quarter. Commerce Bank now owns 17,187 shares of the financial services provider's stock worth $1,919,000 after buying an additional 512 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on 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. Wells Fargo & Company decreased their target price on 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 reduced their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Keefe, Bruyette & Woods reduced their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $121.75.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the company's stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by company insiders.

Prudential Financial Stock Performance

Prudential Financial stock traded up $0.95 during mid-day trading on Wednesday, reaching $104.13. 1,656,482 shares of the stock traded hands, compared to its average volume of 1,679,641. The stock has a market capitalization of $36.65 billion, a PE ratio of 23.09, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The business's 50-day moving average is $104.87 and its 200-day moving average is $107.09.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 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 return on equity of 15.80% and a net margin of 2.75%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.39 earnings per share. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial's dividend payout ratio is 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.