Korea Investment CORP Buys 24,342 Shares of Prudential Financial, Inc. (NYSE:PRU)

Korea Investment CORP lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 10.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 258,936 shares of the financial services provider's stock after purchasing an additional 24,342 shares during the period. Korea Investment CORP owned about 0.07% of Prudential Financial worth $30,692,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the company. Grove Bank & Trust raised its holdings in shares of Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock valued at $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Prudential Financial during the fourth quarter valued at about $29,000. CGC Financial Services LLC grew its position in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after buying an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. acquired a new position in Prudential Financial during the 4th quarter valued at about $33,000. Finally, Quarry LP raised its position in shares of Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider's stock worth $34,000 after buying an additional 222 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Price Performance

NYSE:PRU traded up $1.70 on Monday, reaching $111.77. The stock had a trading volume of 1,892,917 shares, compared to its average volume of 1,539,831. The company has a market capitalization of $40.01 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 1-year low of $104.45 and a 1-year high of $130.55. The stock has a fifty day moving average price of $113.09 and a 200-day moving average price of $118.98. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

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Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data 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 return on equity of 15.86% and a net margin of 4.01%. Research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.83%. This is a positive change 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 is presently 72.29%.

Analysts Set New Price Targets

PRU has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 19th. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price target on the stock. Morgan Stanley decreased their price objective on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Piper Sandler lowered their target price on Prudential Financial from $127.00 to $124.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Finally, Barclays upped their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $126.15.

Insider Activity

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

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.