Bank of Nova Scotia Buys 33,446 Shares of Prudential Financial Inc (PRU)

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Bank of Nova Scotia lifted its stake in Prudential Financial Inc (NYSE:PRU) by 39.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,345 shares of the financial services provider’s stock after buying an additional 33,446 shares during the period. Bank of Nova Scotia’s holdings in Prudential Financial were worth $9,651,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Norway Savings Bank raised its position in Prudential Financial by 13.6% during the fourth quarter. Norway Savings Bank now owns 958 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 115 shares in the last quarter. Garland Capital Management Inc. raised its position in Prudential Financial by 0.3% during the fourth quarter. Garland Capital Management Inc. now owns 48,625 shares of the financial services provider’s stock valued at $3,965,000 after purchasing an additional 125 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in Prudential Financial by 2.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 7,096 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 137 shares in the last quarter. Old North State Trust LLC raised its position in Prudential Financial by 46.5% during the fourth quarter. Old North State Trust LLC now owns 438 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 139 shares in the last quarter. Finally, Community Bank & Trust Waco Texas raised its position in Prudential Financial by 1.0% during the fourth quarter. Community Bank & Trust Waco Texas now owns 15,938 shares of the financial services provider’s stock valued at $1,300,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 63.52% of the company’s stock.

Several brokerages have commented on PRU. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Evercore ISI upgraded shares of Prudential Financial from an “in-line” rating to an “outperform” rating and set a $85.50 price objective for the company in a research report on Wednesday, January 9th. Keefe, Bruyette & Woods restated a “buy” rating and set a $113.00 price objective on shares of Prudential Financial in a research report on Wednesday, January 9th. Wells Fargo & Co began coverage on shares of Prudential Financial in a research report on Tuesday, January 8th. They set an “outperform” rating and a $105.00 price objective for the company. Finally, ValuEngine downgraded shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Friday, November 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $114.19.

Shares of NYSE:PRU opened at $96.60 on Friday. The firm has a market cap of $38.86 billion, a PE ratio of 8.26, a P/E/G ratio of 0.82 and a beta of 1.41. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.14 and a quick ratio of 0.11. Prudential Financial Inc has a 52-week low of $75.61 and a 52-week high of $111.18.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, February 6th. The financial services provider reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.88 by ($0.44). The company had revenue of $17.78 billion for the quarter, compared to analyst estimates of $14.03 billion. Prudential Financial had a return on equity of 10.20% and a net margin of 7.01%. During the same quarter last year, the company posted $2.69 earnings per share. On average, sell-side analysts anticipate that Prudential Financial Inc will post 12.8 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 14th. Stockholders of record on Wednesday, February 20th will be issued a dividend of $1.00 per share. The ex-dividend date is Tuesday, February 19th. This is an increase from Prudential Financial’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 4.14%. Prudential Financial’s dividend payout ratio is 34.22%.

In other news, EVP Stephen Pelletier sold 6,532 shares of the company’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $94.14, for a total transaction of $614,922.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

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About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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