BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Prudential Financial, Inc. (NYSE:PRU) by 12.9% during the 3rd quarter, according to its most recent Form 13F filing with the 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.

Several other institutional investors have also bought and sold shares of the business. Lynx Investment Advisory bought a new position in shares of Prudential Financial in the 2nd quarter valued at about $29,000. Ashton Thomas Securities LLC purchased a new stake in Prudential Financial during the third quarter valued at approximately $31,000. Strategic Financial Concepts LLC lifted its stake in shares of Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 25,027 shares during the last quarter. Bank & Trust Co bought a new position in shares of Prudential Financial during the 2nd quarter valued at approximately $37,000. Finally, Hobbs Group Advisors LLC bought a new stake in Prudential Financial in the second quarter worth $38,000. Institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PRU shares. TD Cowen boosted their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Wells Fargo & Company increased their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Argus raised Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Piper Sandler increased their target price on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $125.92.

Prudential Financial Stock Performance

Shares of PRU stock opened at $129.41 on Monday. The company’s 50 day moving average is $124.24 and its 200 day moving average is $120.12. 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 firm has a market cap of $46.07 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 0.93 and a beta of 1.29. Prudential Financial, Inc. has a 52-week low of $96.45 and a 52-week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The company had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter last year, the company earned $3.44 earnings per share. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.35 EPS for the current fiscal year.

Prudential Financial Announces Dividend

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

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred 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 sale, 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 disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

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.