Bank of Montreal Can Buys 66,434 Shares of Prudential Financial, Inc. (NYSE:PRU)

Bank of Montreal Can lifted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 10.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 715,070 shares of the financial services provider’s stock after purchasing an additional 66,434 shares during the quarter. Bank of Montreal Can’s holdings in Prudential Financial were worth $86,388,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC increased its holdings in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new position in Prudential Financial during the 2nd quarter valued at approximately $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Prudential Financial during the third quarter worth $31,000. Strategic Financial Concepts LLC grew its holdings in shares of Prudential Financial by 1,312.4% during the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after buying an additional 25,027 shares during the last quarter. Finally, Bank & Trust Co purchased a new position in Prudential Financial in the 2nd quarter worth $37,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 9.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRU. TD Cowen started coverage on Prudential Financial in a research note on Wednesday, October 9th. They set a “hold” rating and a $130.00 price target on the stock. Morgan Stanley reduced their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Bank of America upped their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Barclays raised their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company upped their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $125.69.

Prudential Financial Stock Performance

PRU opened at $129.11 on Wednesday. The company has a market cap of $45.96 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.91 and a beta of 1.29. The firm’s fifty day simple moving average is $123.72 and its two-hundred day simple moving average is $119.89. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52-week low of $94.92 and a 52-week high of $129.69.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter in the prior year, the firm earned $3.44 earnings per share. Equities analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

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.