Banque Cantonale Vaudoise increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 22.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,576 shares of the financial services provider's stock after purchasing an additional 6,845 shares during the period. Banque Cantonale Vaudoise's holdings in Prudential Financial were worth $4,550,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its holdings in shares of Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider's stock valued at $415,134,000 after buying an additional 305,143 shares during the period. abrdn plc lifted its holdings in Prudential Financial by 4.0% in the third quarter. abrdn plc now owns 1,309,155 shares of the financial services provider's stock valued at $158,120,000 after acquiring an additional 50,026 shares during the period. International Assets Investment Management LLC grew its stake in shares of Prudential Financial by 4,130.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider's stock valued at $157,219,000 after purchasing an additional 1,267,571 shares during the period. AustralianSuper Pty Ltd lifted its stake in shares of Prudential Financial by 2.3% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider's stock worth $153,312,000 after purchasing an additional 28,459 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Prudential Financial by 0.3% in the third quarter. Swiss National Bank now owns 1,065,600 shares of the financial services provider's stock worth $129,044,000 after buying an additional 2,700 shares during the last quarter. Institutional investors own 56.83% of the company's stock.
Prudential Financial Price Performance
Shares of NYSE:PRU traded down $0.50 during mid-day trading on Wednesday, reaching $124.11. The stock had a trading volume of 1,560,995 shares, compared to its average volume of 1,502,127. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 1 year low of $93.60 and a 1 year high of $129.13. The business's 50 day moving average price is $122.86 and its 200 day moving average price is $119.56. The company has a market cap of $44.18 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29.
Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts' consensus estimates of $3.47 by $0.01. The firm had revenue of $19.48 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $3.44 EPS. Research analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.
Prudential Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial's dividend payout ratio is currently 46.22%.
Analysts Set New Price Targets
PRU has been the topic of several recent research reports. Argus upgraded shares of Prudential Financial to a "strong-buy" rating in a research report on Thursday, August 8th. Morgan Stanley lowered their target price on Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Citigroup upped their price target on Prudential Financial from $104.00 to $120.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, TD Cowen initiated coverage on shares of Prudential Financial in a report on Wednesday, October 9th. They issued a "hold" rating and a $130.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $125.69.
View Our Latest Stock Analysis on PRU
Insider Activity at Prudential Financial
In related news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the company's stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares of the company's stock, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Caroline Feeney sold 1,110 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company's stock, valued at $1,220,694.75. This represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.
Prudential Financial Company Profile
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Free Report)
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.
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