Intact Investment Management Inc. Buys New Position in Prudential Financial, Inc. (NYSE:PRU)

Intact Investment Management Inc. bought a new stake in Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 600 shares of the financial services provider’s stock, valued at approximately $71,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Savant Capital LLC raised its stake in Prudential Financial by 0.6% in the fourth quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock valued at $1,705,000 after purchasing an additional 83 shares in the last quarter. Grove Bank & Trust raised its stake in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. HBK Sorce Advisory LLC raised its stake in shares of Prudential Financial by 1.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock worth $1,116,000 after acquiring an additional 91 shares in the last quarter. Asset Dedication LLC raised its stake in shares of Prudential Financial by 28.4% during the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 93 shares in the last quarter. Finally, RNC Capital Management LLC raised its stake in shares of Prudential Financial by 3.3% during the fourth quarter. RNC Capital Management LLC now owns 2,990 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 95 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU stock opened at $108.64 on Friday. The stock has a market cap of $38.89 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The company’s fifty day moving average price is $114.31 and its 200-day moving average price is $119.38. Prudential Financial, Inc. has a 12 month low of $104.45 and a 12 month high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, equities analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 4.97%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Analyst Ratings Changes

Several research firms have commented on PRU. Jefferies Financial Group lifted their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Morgan Stanley decreased their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. TD Cowen lifted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. BMO Capital Markets began coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. Finally, Piper Sandler decreased their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $126.15.

Insiders Place Their Bets

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This represents a 18.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the transaction, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.