Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its position in Prudential Financial, Inc. (NYSE:PRU) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,927 shares of the financial services provider’s stock after selling 3,508 shares during the quarter. Mackenzie Financial Corp’s holdings in Prudential Financial were worth $4,245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PRU. FMR LLC boosted its holdings in Prudential Financial by 2.9% in the third quarter. FMR LLC now owns 1,315,215 shares of the financial services provider’s stock valued at $124,801,000 after purchasing an additional 36,599 shares during the period. Czech National Bank boosted its holdings in Prudential Financial by 46.8% in the third quarter. Czech National Bank now owns 63,444 shares of the financial services provider’s stock valued at $6,020,000 after purchasing an additional 20,235 shares during the period. Arvest Investments Inc. purchased a new position in Prudential Financial in the fourth quarter valued at $2,112,000. Victory Capital Management Inc. boosted its holdings in Prudential Financial by 14.5% in the third quarter. Victory Capital Management Inc. now owns 268,728 shares of the financial services provider’s stock valued at $25,500,000 after purchasing an additional 34,054 shares during the period. Finally, AustralianSuper Pty Ltd boosted its holdings in Prudential Financial by 17.2% in the fourth quarter. AustralianSuper Pty Ltd now owns 868,535 shares of the financial services provider’s stock valued at $90,076,000 after purchasing an additional 127,772 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Up 1.8 %

Prudential Financial stock opened at $110.61 on Monday. The company has a market capitalization of $39.71 billion, a P/E ratio of 16.53, a PEG ratio of 0.75 and a beta of 1.37. Prudential Financial, Inc. has a fifty-two week low of $77.22 and a fifty-two week high of $118.69. The stock has a 50-day simple moving average of $111.30 and a 200-day simple moving average of $103.22. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.09). The company had revenue of $13.02 billion during the quarter, compared to analyst estimates of $12.99 billion. Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 EPS. Equities research analysts expect that Prudential Financial, Inc. will post 13.38 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.70%. The ex-dividend date was Friday, February 16th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s payout ratio is 77.73%.

Insider Activity at Prudential Financial

In related news, EVP Ann M. Kappler sold 7,222 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total value of $782,792.58. Following the transaction, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Prudential Financial news, SVP Timothy L. Schmidt sold 7,912 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total transaction of $855,524.56. Following the transaction, the senior vice president now owns 14,754 shares in the company, valued at approximately $1,595,350.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann M. Kappler sold 7,222 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total value of $782,792.58. Following the transaction, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The disclosure for this sale can be found here. Insiders have sold 29,255 shares of company stock worth $3,215,664 in the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent research reports. Evercore ISI lifted their target price on Prudential Financial from $104.00 to $115.00 and gave the company an “underperform” rating in a report on Thursday, April 11th. Wells Fargo & Company lifted their price target on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $118.00 price target (down from $119.00) on shares of Prudential Financial in a report on Wednesday, January 3rd. Piper Sandler lifted their price target on Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Finally, TheStreet raised Prudential Financial from a “c+” rating to an “a-” rating in a report on Tuesday, February 6th. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $111.33.

Prudential Financial Company Profile

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.