Prudential Financial, Inc. (NYSE:PRU) Stock Position Lessened by Cim Investment Management Inc.

Cim Investment Management Inc. decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,978 shares of the financial services provider’s stock after selling 157 shares during the quarter. Cim Investment Management Inc.’s holdings in Prudential Financial were worth $1,087,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Arvest Bank Trust Division acquired a new stake in shares of Prudential Financial in the third quarter valued at $2,294,000. World Investment Advisors LLC lifted its holdings in shares of Prudential Financial by 4.8% during the third quarter. World Investment Advisors LLC now owns 2,792 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 127 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Prudential Financial by 3.1% during the third quarter. Sanctuary Advisors LLC now owns 57,194 shares of the financial services provider’s stock valued at $7,315,000 after purchasing an additional 1,729 shares during the last quarter. Unigestion Holding SA purchased a new stake in shares of Prudential Financial during the third quarter valued at $3,994,000. Finally, Toronto Dominion Bank lifted its holdings in shares of Prudential Financial by 1.9% during the third quarter. Toronto Dominion Bank now owns 191,652 shares of the financial services provider’s stock valued at $23,209,000 after purchasing an additional 3,615 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PRU shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Barclays upped their target price on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Wells Fargo & Company increased their price objective on Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler increased their price objective on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Bank of America upped their target price on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and a consensus target price of $126.33.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the acquisition, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.34% of the stock is owned by corporate insiders.

Prudential Financial Stock Up 1.5 %

Shares of NYSE PRU traded up $1.80 during mid-day trading on Thursday, reaching $121.87. 185,291 shares of the company traded hands, compared to its average volume of 1,491,286. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market cap of $43.39 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company’s fifty day moving average is $125.01 and its two-hundred day moving average is $120.44. Prudential Financial, Inc. has a fifty-two week low of $100.60 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The firm had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the prior year, the company earned $3.44 EPS. On average, analysts expect that Prudential Financial, Inc. will post 13.35 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.27%. Prudential Financial’s dividend payout ratio (DPR) is presently 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.