Norges Bank Takes $115.88 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Norges Bank bought a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 977,623 shares of the financial services provider's stock, valued at approximately $115,878,000. Norges Bank owned about 0.27% of Prudential Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRU. Nordea Investment Management AB boosted its stake in shares of Prudential Financial by 176.8% during the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider's stock worth $123,804,000 after acquiring an additional 665,180 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Prudential Financial during the fourth quarter worth approximately $76,303,000. Amundi grew its holdings in Prudential Financial by 32.7% in the fourth quarter. Amundi now owns 1,535,514 shares of the financial services provider's stock valued at $181,851,000 after purchasing an additional 378,266 shares during the period. FMR LLC increased its position in shares of Prudential Financial by 31.3% in the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider's stock valued at $174,903,000 after buying an additional 344,254 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Prudential Financial by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider's stock worth $1,047,872,000 after buying an additional 341,787 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

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Prudential Financial Trading Down 7.2 %

Shares of NYSE PRU traded down $8.06 during midday trading on Thursday, reaching $104.65. 2,816,613 shares of the stock were exchanged, compared to its average volume of 1,551,065. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55. The stock has a market capitalization of $37.46 billion, a P/E ratio of 14.01, a PEG ratio of 0.98 and a beta of 1.28. The company has a 50 day simple moving average of $112.69 and a 200 day simple moving average of $118.87. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts' consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.16%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio (DPR) is 72.29%.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the acquisition, the insider now owns 87,047 shares of the company's stock, valued at $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company's stock, valued at $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. Company insiders own 0.31% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PRU shares. UBS Group reduced their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a "neutral" rating for the company in a research report on Wednesday. Jefferies Financial Group lifted their price objective on Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Barclays increased their target price on Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Wells Fargo & Company lifted their price target on 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, BMO Capital Markets began coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an "underperform" rating and a $101.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $126.08.

Prudential Financial Company 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.