Desjardins Global Asset Management Inc. Reduces Stake in Prudential Financial, Inc. (NYSE:PRU)

Desjardins Global Asset Management Inc. trimmed its stake in Prudential Financial, Inc. (NYSE:PRU) by 94.0% during the fourth quarter, Holdings Channel reports. The fund owned 388 shares of the financial services provider’s stock after selling 6,040 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Prudential Financial were worth $40,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of PRU. Moneta Group Investment Advisors LLC lifted its stake in shares of Prudential Financial by 104,987.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,450,633 shares of the financial services provider’s stock valued at $243,740,000 after buying an additional 2,448,301 shares in the last quarter. Norges Bank purchased a new stake in shares of Prudential Financial during the 4th quarter valued at approximately $172,363,000. International Assets Investment Management LLC lifted its stake in shares of Prudential Financial by 9,281.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after buying an additional 1,354,248 shares in the last quarter. Cowa LLC lifted its stake in shares of Prudential Financial by 9,930.2% during the 1st quarter. Cowa LLC now owns 771,824 shares of the financial services provider’s stock valued at $912,000 after buying an additional 764,129 shares in the last quarter. Finally, Mariner LLC lifted its stake in shares of Prudential Financial by 2,197.4% during the 1st quarter. Mariner LLC now owns 690,184 shares of the financial services provider’s stock valued at $81,560,000 after buying an additional 660,142 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of recent research reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $118.00 price target (down from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. Piper Sandler increased their target price on shares of Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. UBS Group increased their target price on shares of Prudential Financial from $108.00 to $112.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and an average price target of $111.33.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $110.61 on Friday. The company’s fifty day moving average price is $111.30 and its 200-day moving average price is $103.06. The firm has a market capitalization of $39.71 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.74 and a beta of 1.37. Prudential Financial, Inc. has a one year low of $77.22 and a one year high of $118.69. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a return on equity of 14.52% and a net margin of 4.89%. The company had revenue of $13.02 billion during the quarter, compared to the consensus estimate of $12.99 billion. During the same period in the previous year, the company earned $2.42 EPS. Prudential Financial’s quarterly revenue was up 6.7% on a year-over-year basis. On average, equities research analysts anticipate that Prudential Financial, Inc. will post 13.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were issued a dividend of $1.30 per share. The ex-dividend date was Friday, February 16th. This represents a $5.20 annualized dividend and a dividend yield of 4.70%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s dividend payout ratio (DPR) is currently 77.73%.

Insider Activity at Prudential Financial

In related news, SVP Robert Axel sold 6,436 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total transaction of $719,930.96. Following the transaction, the senior vice president now owns 7,901 shares of the company’s stock, valued at approximately $883,805.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Robert Axel sold 6,436 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total transaction of $719,930.96. Following the transaction, the senior vice president now owns 7,901 shares of the company’s stock, valued at approximately $883,805.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ann M. Kappler sold 7,222 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.39, for a total transaction of $782,792.58. Following the sale, the executive vice president now directly owns 24,381 shares of the company’s stock, valued at approximately $2,642,656.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,255 shares of company stock valued at $3,215,664. Insiders own 0.31% of the company’s stock.

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.