Mirae Asset Global Investments Co. Ltd. Boosts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Mirae Asset Global Investments Co. Ltd. raised its stake in Prudential Financial, Inc. (NYSE:PRUGet Rating) by 17.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,980 shares of the financial services provider’s stock after purchasing an additional 13,055 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Prudential Financial were worth $10,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRU. Kestra Private Wealth Services LLC grew its stake in shares of Prudential Financial by 5.2% during the first quarter. Kestra Private Wealth Services LLC now owns 4,026 shares of the financial services provider’s stock worth $476,000 after acquiring an additional 199 shares during the last quarter. Fortitude Advisory Group L.L.C. grew its stake in shares of Prudential Financial by 12.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 980 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 112 shares during the last quarter. M Holdings Securities Inc. purchased a new stake in shares of Prudential Financial during the first quarter worth about $2,363,000. Advisory Services Network LLC grew its stake in shares of Prudential Financial by 29.4% during the first quarter. Advisory Services Network LLC now owns 38,550 shares of the financial services provider’s stock worth $4,555,000 after acquiring an additional 8,748 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of Prudential Financial by 30.8% during the first quarter. Neuberger Berman Group LLC now owns 90,808 shares of the financial services provider’s stock worth $10,754,000 after acquiring an additional 21,386 shares during the last quarter. Hedge funds and other institutional investors own 57.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PRU shares. Evercore ISI dropped their price target on Prudential Financial to $90.00 in a research note on Tuesday, August 9th. TheStreet downgraded Prudential Financial from a “b-” rating to a “c+” rating in a report on Thursday, August 4th. The Goldman Sachs Group decreased their target price on Prudential Financial from $116.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, June 6th. Barclays decreased their target price on Prudential Financial from $115.00 to $95.00 and set an “equal weight” rating for the company in a report on Wednesday, July 13th. Finally, Jefferies Financial Group lifted their target price on Prudential Financial from $78.00 to $79.00 and gave the stock an “underperform” rating in a report on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.83.

Prudential Financial Stock Down 1.5 %

Prudential Financial stock opened at $93.02 on Wednesday. The stock has a market capitalization of $34.60 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 1.02 and a beta of 1.40. Prudential Financial, Inc. has a 12 month low of $89.73 and a 12 month high of $124.22. The business has a 50 day simple moving average of $97.59 and a 200-day simple moving average of $103.56. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.07 and a quick ratio of 0.07.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, August 23rd were given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend was Monday, August 22nd. Prudential Financial’s dividend payout ratio (DPR) is presently 88.89%.

Prudential Financial Company Profile

(Get Rating)

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 eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

Further Reading

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

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