Cibc World Market Inc. Acquires 17,732 Shares of Prudential Financial, Inc. $PRU

Cibc World Market Inc. lifted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 32.0% in the second quarter, HoldingsChannel.com reports. The fund owned 73,085 shares of the financial services provider’s stock after acquiring an additional 17,732 shares during the period. Cibc World Market Inc.’s holdings in Prudential Financial were worth $7,888,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PRU. Brighton Jones LLC increased its holdings in Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after buying an additional 133 shares during the last quarter. Empowered Funds LLC grew its position in shares of Prudential Financial by 30.5% during the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock valued at $1,976,000 after acquiring an additional 4,134 shares during the period. Brown Advisory Inc. increased its stake in shares of Prudential Financial by 3.5% during the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock worth $447,000 after purchasing an additional 140 shares during the last quarter. AXA S.A. raised its holdings in shares of Prudential Financial by 25.8% in the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock worth $6,092,000 after purchasing an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in Prudential Financial by 15.1% in the second quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock valued at $4,005,000 after purchasing an additional 4,895 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann M. Kappler sold 7,652 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.05% of the company’s stock.

Prudential Financial Price Performance

NYSE:PRU opened at $120.09 on Wednesday. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The stock has a fifty day moving average of $117.15 and a 200 day moving average of $105.90. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $41.43 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 2.32 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same period in the prior year, the company earned $3.58 EPS. On average, research analysts expect that Prudential Financial, Inc. will post 14.24 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial’s dividend payout ratio (DPR) is currently 50.72%.

Analyst Ratings Changes

PRU has been the subject of a number of recent research reports. Mizuho raised their target price on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods increased their price target on Prudential Financial from $113.00 to $123.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 11th. TD Cowen lifted their price objective on Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. Barclays increased their target price on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 7th. Finally, Zacks Research raised shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $109.31.

Prudential Financial Company Profile

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.