Bank of Nova Scotia Grows Position in Prudential Financial, Inc. (NYSE:PRU)

Bank of Nova Scotia lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 211.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,547 shares of the financial services provider's stock after purchasing an additional 113,059 shares during the period. Bank of Nova Scotia's holdings in Prudential Financial were worth $19,741,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Grove Bank & Trust grew its position in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock worth $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Prudential Financial in the fourth quarter valued at $29,000. CGC Financial Services LLC increased its position in Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. bought a new stake in shares of Prudential Financial during the 4th quarter valued at about $33,000. Finally, Quarry LP raised its stake in Prudential Financial by 376.3% in the third 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 owned by institutional investors.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were acquired at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the transaction, the insider now owns 139,987 shares of the company's stock, valued at approximately $3,992,429.24. This trade represents a 60.18 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares of the company's stock, valued at $2,869,090.56. The trade was 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.

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Analyst Ratings Changes

A number of research analysts have weighed in on PRU shares. Barclays reduced their target price on Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a report on Friday. UBS Group reduced their price target on Prudential Financial from $130.00 to $122.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Wells Fargo & Company lowered their price objective on Prudential Financial from $118.00 to $108.00 and set an "equal weight" rating for the company in a research report on Thursday. Morgan Stanley reduced their target price on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $125.00 to $120.00 and set a "market perform" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $122.77.

Prudential Financial Stock Up 0.2 %

Shares of PRU traded up $0.22 on Friday, hitting $98.70. 2,635,405 shares of the stock traded hands, compared to its average volume of 1,597,128. The company has a market capitalization of $34.98 billion, a PE ratio of 13.21, a P/E/G ratio of 0.98 and a beta of 1.11. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. 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 business has a 50 day simple moving average of $108.98 and a 200 day simple moving average of $117.58.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (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 forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.47%. 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 payout ratio is presently 72.29%.

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.