Cibc World Market Inc. Grows Stock Holdings in Prudential Financial, Inc. $PRU

Cibc World Market Inc. grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,702 shares of the financial services provider’s stock after purchasing an additional 7,215 shares during the quarter. Cibc World Market Inc.’s holdings in Prudential Financial were worth $5,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Darwin Wealth Management LLC acquired a new stake in Prudential Financial in the 2nd quarter worth about $36,000. Chilton Capital Management LLC lifted its holdings in shares of Prudential Financial by 146.5% during the 3rd quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 208 shares during the period. AlphaCore Capital LLC acquired a new stake in shares of Prudential Financial in the second quarter worth approximately $39,000. Capital A Wealth Management LLC increased its position in Prudential Financial by 4,600.0% during the second quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 368 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in Prudential Financial during the second quarter worth approximately $51,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In related news, Director Joseph J. Wolk purchased 400 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was acquired at an average price of $105.32 per share, with a total value of $42,128.00. Following the completion of the transaction, the director owned 400 shares of the company’s stock, valued at $42,128. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jacques Chappuis purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was bought at an average cost of $100.97 per share, for a total transaction of $100,970.00. Following the completion of the acquisition, the executive vice president directly owned 1,000 shares of the company’s stock, valued at $100,970. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 1,408,139 shares of company stock worth $35,128,697. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRU. Keefe, Bruyette & Woods boosted their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research note on Monday, November 3rd. Mizuho dropped their price target on Prudential Financial from $126.00 to $113.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. UBS Group lifted their price objective on Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Finally, Wells Fargo & Company lifted their price target on shares of Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. One equities research analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $117.11.

Prudential Financial Stock Performance

Prudential Financial stock opened at $104.58 on Friday. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $119.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $36.60 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 1.19 and a beta of 0.97. The firm’s fifty day moving average price is $111.87 and its 200 day moving average price is $107.40.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The business had revenue of $15.69 billion for the quarter, compared to analyst estimates of $14.48 billion. During the same quarter in the prior year, the business earned $2.96 earnings per share. On average, research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Tuesday, February 17th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend 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 is currently 54.00%.

About Prudential Financial

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.