Erste Asset Management GmbH Makes New $6.80 Million Investment in Prudential Financial, Inc. (NYSE:PRU)

Erste Asset Management GmbH acquired a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 56,283 shares of the financial services provider's stock, valued at approximately $6,800,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Prudential Financial by 8.0% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 46,450 shares of the financial services provider's stock valued at $5,625,000 after purchasing an additional 3,450 shares in the last quarter. Northwest & Ethical Investments L.P. lifted its holdings in Prudential Financial by 2.1% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 47,432 shares of the financial services provider's stock valued at $5,744,000 after purchasing an additional 977 shares in the last quarter. Vinva Investment Management Ltd increased its stake in shares of Prudential Financial by 14.1% during the 3rd quarter. Vinva Investment Management Ltd now owns 16,556 shares of the financial services provider's stock valued at $2,000,000 after acquiring an additional 2,052 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Prudential Financial by 1.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider's stock valued at $370,327,000 after acquiring an additional 47,561 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in shares of Prudential Financial by 2.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 62,223 shares of the financial services provider's stock valued at $7,535,000 after acquiring an additional 1,343 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 shares were purchased at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the purchase, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.34% of the company's stock.

Prudential Financial Stock Down 1.0 %

NYSE:PRU traded down $1.27 during trading hours on Tuesday, hitting $127.14. The stock had a trading volume of 1,365,701 shares, compared to its average volume of 1,495,437. The company has a market cap of $45.26 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The business has a 50 day simple moving average of $124.54 and a two-hundred day simple moving average of $120.22. Prudential Financial, Inc. has a 1-year low of $96.87 and a 1-year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to analysts' expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the prior year, the business posted $3.44 EPS. Analysts predict that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Tuesday, November 19th. Prudential Financial's dividend payout ratio (DPR) is currently 46.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PRU shares. TD Cowen upped their price objective 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. Argus raised shares of Prudential Financial to a "strong-buy" rating in a research note on Thursday, August 8th. Piper Sandler upped their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. UBS Group increased their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 13th. Finally, Barclays increased their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an "equal weight" rating in a research report on Friday, November 1st. Eleven equities 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. According to MarketBeat, Prudential Financial has a consensus rating of "Hold" and an average price target of $125.92.

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.