Prudential Financial, Inc. $PRU Shares Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its Prudential Financial stake by 14.8% in the second quarter, purchasing 18,334 additional shares valued at approximately $15.4 million. Institutional investors collectively own 56.83% of PRU.
• Prudential reported quarterly earnings of $4.08 per share, exceeding estimates of $3.52, while revenue reached $14.15 billion. The company also declared a quarterly dividend of $1.40, equivalent to a 4.6% annual yield.
• PRU shares opened at $122.67, above analysts’ average price target of $109.31. Analyst sentiment remains cautious, with a consensus “Reduce” rating based on one Buy, eleven Holds and five Sell ratings.

Bank of Nova Scotia increased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 14.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,452 shares of the financial services provider's stock after purchasing an additional 18,334 shares during the quarter. Bank of Nova Scotia's holdings in Prudential Financial were worth $15,375,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PRU. Brighton Jones LLC lifted its stake in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after buying an additional 133 shares during the period. Empowered Funds LLC grew its holdings in shares of Prudential Financial by 30.5% during the first quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider's stock valued at $1,976,000 after purchasing an additional 4,134 shares during the last quarter. Brown Advisory Inc. lifted its position in Prudential Financial by 3.5% in the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider's stock valued at $447,000 after purchasing an additional 140 shares during the last quarter. AXA S.A. increased its stake in Prudential Financial by 25.8% during the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider's stock valued at $6,092,000 after buying an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Prudential Financial by 15.1% in the 2nd quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider's stock worth $4,005,000 after purchasing an additional 4,895 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Up 1.3%

PRU stock opened at $122.67 on Tuesday. The stock has a market capitalization of $42.32 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 2.29 and a beta of 0.84. The company has a 50-day moving average of $116.93 and a two-hundred day moving average of $105.78. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The business had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.36 billion. During the same quarter in the previous year, the firm earned $3.58 EPS. As a group, equities research analysts anticipate that Prudential Financial, Inc. will post 14.24 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.6%. Prudential Financial's dividend payout ratio is 50.72%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research raised Prudential Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, June 12th. Wells Fargo & Company lifted their target price on shares of Prudential Financial from $103.00 to $110.00 and gave the company an "underweight" rating in a research note on Wednesday, August 19th. Barclays boosted their price target on shares of Prudential Financial from $90.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. Jefferies Financial Group raised their price target on Prudential Financial from $105.00 to $110.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Finally, Argus lowered shares of Prudential Financial from a "buy" rating to a "hold" rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $109.31.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann M. Kappler sold 7,652 shares of the 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 directly owned 14,407 shares of the company's stock, valued at $1,801,019.07. This trade represents a 34.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.05% of the company's stock.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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