Intact Investment Management Inc. Purchases New Shares in Prudential Financial, Inc. (NYSE:PRU)

Intact Investment Management Inc. bought a new position in Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, HoldingsChannel.com reports. The fund bought 600 shares of the financial services provider’s stock, valued at approximately $71,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Savant Capital LLC increased its stake in Prudential Financial by 0.6% in the fourth quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock worth $1,705,000 after purchasing an additional 83 shares during the period. Grove Bank & Trust increased its stake in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares during the period. HBK Sorce Advisory LLC increased its stake in shares of Prudential Financial by 1.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock valued at $1,116,000 after buying an additional 91 shares during the period. Asset Dedication LLC increased its stake in shares of Prudential Financial by 28.4% during the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock valued at $50,000 after buying an additional 93 shares during the period. Finally, RNC Capital Management LLC increased its stake in shares of Prudential Financial by 3.3% during the fourth quarter. RNC Capital Management LLC now owns 2,990 shares of the financial services provider’s stock valued at $354,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $108.64 on Friday. 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 company has a market cap of $38.89 billion, a PE ratio of 14.54, a P/E/G ratio of 0.98 and a beta of 1.28. The business has a 50-day simple moving average of $114.31 and a two-hundred day simple moving average of $119.38. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results 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 return on equity of 15.86% and a net margin of 4.01%. As a group, equities 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. Stockholders of record on Tuesday, February 18th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.97%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

Analysts Set New Price Targets

Several brokerages have recently commented on PRU. Barclays raised their price target on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Morgan Stanley cut their price target on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. TD Cowen raised their price target on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. BMO Capital Markets initiated coverage on Prudential Financial in a research note on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target on the stock. Finally, Keefe, Bruyette & Woods dropped their price objective on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $126.15.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.