BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Position in Prudential Financial, Inc. (NYSE:PRU)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in Prudential Financial, Inc. (NYSE:PRU) by 12.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,894 shares of the financial services provider’s stock after selling 8,863 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Prudential Financial were worth $7,253,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRU. Lynx Investment Advisory acquired a new stake in Prudential Financial during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC acquired a new stake in Prudential Financial during the third quarter worth about $31,000. Strategic Financial Concepts LLC raised its position in Prudential Financial by 1,312.4% during the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 25,027 shares in the last quarter. Bank & Trust Co acquired a new position in Prudential Financial in the second quarter valued at approximately $37,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Prudential Financial during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Buying and Selling

In other news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. This represents a 9.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of Prudential Financial stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now owns 4,780,293 shares in the company, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Bank of America increased their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their price target on Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Barclays upped their target price on Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Finally, UBS Group lifted their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $125.92.

Prudential Financial Stock Down 0.1 %

Shares of NYSE:PRU opened at $129.41 on Monday. Prudential Financial, Inc. has a 52-week low of $96.45 and a 52-week high of $130.55. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average of $124.24 and a two-hundred day moving average of $120.12. The stock has a market cap of $46.07 billion, a P/E ratio of 11.50, a PEG ratio of 0.93 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.01. The firm had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the business earned $3.44 earnings per share. On average, research analysts expect that Prudential Financial, Inc. will post 13.35 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is presently 46.22%.

About Prudential Financial

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.