iA Global Asset Management Inc. Buys 5,070 Shares of Prudential Financial, Inc. (NYSE:PRU)

iA Global Asset Management Inc. raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 291.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,809 shares of the financial services provider's stock after purchasing an additional 5,070 shares during the quarter. iA Global Asset Management Inc.'s holdings in Prudential Financial were worth $807,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Grove Bank & Trust raised its stake in 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 purchasing an additional 87 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Prudential Financial in the fourth quarter valued at approximately $29,000. CGC Financial Services LLC boosted its holdings in shares of 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 purchasing an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. bought a new position in shares of Prudential Financial in the 4th quarter valued at $33,000. Finally, Quarry LP raised its holdings 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 owned by institutional investors.

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Prudential Financial Stock Down 0.9 %

Shares of PRU stock traded down $1.09 during trading hours on Thursday, reaching $114.50. The company had a trading volume of 1,716,710 shares, compared to its average volume of 1,440,850. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The business has a fifty day simple moving average of $113.35 and a 200-day simple moving average of $118.98. Prudential Financial, Inc. has a 12 month low of $104.45 and a 12 month high of $130.55. The company has a market cap of $40.99 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28.

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

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This is an increase from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.72%. Prudential Financial's dividend payout ratio is presently 72.29%.

Insider Activity at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was bought at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the purchase, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on PRU. Piper Sandler decreased their price target on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. BMO Capital Markets started coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 target price on the stock. TD Cowen lifted their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $113.00 to $118.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $126.15.

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.