TD Asset Management Inc Acquires 88,761 Shares of Prudential Financial, Inc. $PRU

Key Points

• TD Asset Management Inc. increased its Prudential Financial stake by 29.2% in the fourth quarter, buying 88,761 additional shares and bringing its total holdings to 392,595 shares worth about $44.3 million.
• Prudential Financial reported better-than-expected quarterly results, with EPS of $3.61 versus the $3.09 estimate and revenue of $15.23 billion versus $14.10 billion expected.
• The company declared a quarterly dividend of $1.40 per share, implying a 5.3% annualized yield, while analysts currently have a consensus rating of “Reduce” on the stock.

TD Asset Management Inc raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 29.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 392,595 shares of the financial services provider's stock after acquiring an additional 88,761 shares during the quarter. TD Asset Management Inc owned about 0.11% of Prudential Financial worth $44,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. VCI Wealth Management LLC raised its holdings in Prudential Financial by 117.1% during the 4th quarter. VCI Wealth Management LLC now owns 19,292 shares of the financial services provider's stock valued at $2,178,000 after acquiring an additional 10,404 shares during the period. KBC Group NV grew its position in shares of Prudential Financial by 94.3% during the 4th quarter. KBC Group NV now owns 157,538 shares of the financial services provider's stock valued at $17,783,000 after purchasing an additional 76,461 shares in the last quarter. Varma Mutual Pension Insurance Co grew its position in shares of Prudential Financial by 22.0% during the 3rd quarter. Varma Mutual Pension Insurance Co now owns 108,839 shares of the financial services provider's stock valued at $11,291,000 after purchasing an additional 19,600 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich grew its position in shares of Prudential Financial by 2,669.0% during the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 46,990 shares of the financial services provider's stock valued at $5,342,000 after purchasing an additional 45,293 shares in the last quarter. Finally, Murphy Middleton Hinkle & Parker Inc. grew its position in shares of Prudential Financial by 846.7% during the 4th quarter. Murphy Middleton Hinkle & Parker Inc. now owns 25,921 shares of the financial services provider's stock valued at $2,926,000 after purchasing an additional 23,183 shares in the last quarter. Institutional investors own 56.83% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. BMO Capital Markets reduced their price target on shares of Prudential Financial from $91.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, April 23rd. Morgan Stanley restated an "underweight" rating and set a $92.00 price target (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. UBS Group reduced their price target on shares of Prudential Financial from $105.00 to $98.00 and set a "neutral" rating for the company in a research report on Thursday, April 9th. Piper Sandler boosted their price target on shares of Prudential Financial from $99.00 to $105.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company a "market perform" rating in a research report on Wednesday, May 13th. Nine analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $101.50.

Prudential Financial Stock Performance

NYSE PRU opened at $104.67 on Friday. The company has a 50-day simple moving average of $99.54 and a two-hundred day simple moving average of $104.30. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $119.76. The firm has a market cap of $36.32 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 1.90 and a beta of 0.86.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The business had revenue of $15.23 billion during the quarter, compared to analyst estimates of $14.10 billion. During the same period in the prior year, the business posted $3.29 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 13.84 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend is Tuesday, May 26th. Prudential Financial's dividend payout ratio is 57.61%.

Prudential Financial Company 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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