Cibc World Markets Corp Has $6.66 Million Holdings in Prudential Financial, Inc. (NYSE:PRU)

Cibc World Markets Corp decreased its stake in Prudential Financial, Inc. (NYSE:PRU) by 18.8% during the 4th quarter, HoldingsChannel reports. The fund owned 56,196 shares of the financial services provider’s stock after selling 13,049 shares during the period. Cibc World Markets Corp’s holdings in Prudential Financial were worth $6,661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Glenmede Trust Co. NA grew its position in Prudential Financial by 7.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock worth $2,176,000 after purchasing an additional 1,234 shares during the last quarter. Avanza Fonder AB acquired a new stake in Prudential Financial during the fourth quarter worth about $3,423,000. Gateway Investment Advisers LLC grew its position in Prudential Financial by 56.1% during the fourth quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock worth $2,607,000 after buying an additional 7,907 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Prudential Financial by 3.9% in the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after acquiring an additional 15,695 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Prudential Financial by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock worth $9,597,000 after acquiring an additional 1,765 shares during the period. Institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRU shares. Barclays boosted their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Morgan Stanley dropped their price objective on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods dropped their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $126.15.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the purchase, the insider now owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

Shares of PRU stock opened at $109.65 on Wednesday. Prudential Financial, Inc. has a 52 week low of $104.45 and a 52 week high of $130.55. The stock has a market capitalization of $39.25 billion, a PE ratio of 14.68, a PEG ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The stock’s fifty day moving average is $113.96 and its 200-day moving average is $119.24.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Equities research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 4.92%. Prudential Financial’s dividend payout ratio is currently 72.29%.

Prudential Financial 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.