TD Asset Management Inc Sells 86,932 Shares of Prudential Financial, Inc. $PRU

TD Asset Management Inc lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 22.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 303,834 shares of the financial services provider’s stock after selling 86,932 shares during the period. TD Asset Management Inc’s holdings in Prudential Financial were worth $31,520,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in Prudential Financial in the 2nd quarter worth approximately $122,778,000. Vanguard Group Inc. boosted its stake in Prudential Financial by 1.4% during the second quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock valued at $4,566,432,000 after buying an additional 600,482 shares during the period. Marshall Wace LLP bought a new position in Prudential Financial in the 2nd quarter worth about $40,552,000. Canada Pension Plan Investment Board boosted its position in shares of Prudential Financial by 209.2% during the 2nd quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock valued at $55,871,000 after acquiring an additional 351,849 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new position in shares of Prudential Financial during the third quarter worth about $36,298,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PRU shares. Keefe, Bruyette & Woods lifted their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. decreased their price objective on Prudential Financial from $133.00 to $127.00 and set a “neutral” rating on the stock in a report on Wednesday, February 4th. UBS Group increased their price target on shares of Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Piper Sandler upped their price objective on shares of Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, December 23rd. Finally, Evercore lowered their price target on shares of Prudential Financial from $122.00 to $110.00 and set an “in-line” rating for the company in a research note on Thursday, February 5th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $115.78.

Insider Activity at Prudential Financial

In related news, EVP Caroline Feeney sold 6,555 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $116.28, for a total value of $762,215.40. Following the sale, the executive vice president owned 22,523 shares in the company, valued at $2,618,974.44. This represents a 22.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 1,406,739 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was bought at an average cost of $24.87 per share, for a total transaction of $34,985,598.93. Following the completion of the acquisition, the insider directly owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. This represents a 22.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 1,408,389 shares of company stock worth $35,154,439 over the last 90 days. 0.25% of the stock is currently owned by insiders.

Prudential Financial Trading Down 4.0%

Shares of PRU opened at $98.22 on Friday. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $119.76. The firm has a market capitalization of $34.18 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 1.18 and a beta of 0.97. The firm’s 50-day moving average price is $109.25 and its 200-day moving average price is $107.33. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.07). Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.The firm had revenue of $15.69 billion for the quarter, compared to analysts’ expectations of $14.48 billion. During the same quarter last year, the company posted $2.96 EPS. Sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, February 17th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Tuesday, February 17th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.35. Prudential Financial’s dividend payout ratio (DPR) is 56.00%.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.