Mackenzie Financial Corp Reduces Holdings in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Mackenzie Financial Corp reduced its stake in Prudential Financial, Inc. by 12.8% in the first quarter, owning 52,876 shares valued at approximately $5.9 million after selling 7,763 shares.
• Prudential Financial's stock price target has been adjusted by several analysts, with Wells Fargo lowering its target from $116 to $113 while JPMorgan raised theirs from $126 to $136.
• The company declared a $1.35 quarterly dividend, representing a 5.4% yield, and has reported a current dividend payout ratio of 119.73%.

Mackenzie Financial Corp trimmed its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 12.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 52,876 shares of the financial services provider's stock after selling 7,763 shares during the period. Mackenzie Financial Corp's holdings in Prudential Financial were worth $5,905,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. North Capital Inc. purchased a new stake in shares of Prudential Financial during the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Prudential Financial during the 1st quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial during the 4th quarter valued at approximately $38,000. Park Place Capital Corp lifted its stake in shares of Prudential Financial by 1,841.2% during the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock valued at $37,000 after buying an additional 313 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of Prudential Financial during the 4th quarter valued at approximately $43,000. 56.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wells Fargo & Company dropped 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 note on Wednesday, July 16th. Keefe, Bruyette & Woods lowered their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Piper Sandler lowered their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley lowered their target price on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $121.75.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by company insiders.

Prudential Financial Trading Up 1.1%

Shares of PRU stock traded up $1.07 on Monday, hitting $101.78. 1,671,762 shares of the company's stock traded hands, compared to its average volume of 1,645,220. 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 one year low of $90.38 and a one year high of $130.55. The company's fifty day simple moving average is $104.90 and its 200 day simple moving average is $107.24. The stock has a market capitalization of $36.03 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 0.93 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results 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 company had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same quarter last year, the firm earned $3.39 EPS. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial's dividend payout ratio (DPR) is 119.73%.

Prudential Financial Company 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.