Mirae Asset Global Investments Co. Ltd. Makes New $10.65 Million Investment in Prudential Financial, Inc. $PRU

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 93,775 shares of the financial services provider’s stock, valued at approximately $10,651,000.

A number of other hedge funds have also recently bought and sold shares of PRU. BlackRock Inc. acquired a new stake in Prudential Financial in the 2nd quarter worth $3,507,481,000. State Street Corp raised its position in shares of Prudential Financial by 1.2% during the second quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock valued at $1,852,593,000 after buying an additional 209,179 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prudential Financial by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock valued at $367,089,000 after buying an additional 166,641 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Prudential Financial by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Prudential Financial in the second quarter valued at about $209,055,000. 56.83% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Prudential Financial news, EVP Ann 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 value of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. This represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.05% of the stock is currently owned by corporate insiders.

Prudential Financial Stock Performance

NYSE:PRU opened at $126.67 on Thursday. The firm has a market capitalization of $43.70 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.99 and a beta of 0.85. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $127.79. The firm has a 50-day moving average price of $116.96 and a 200 day moving average price of $108.86.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.33 by $0.44. Prudential Financial had a return on equity of 16.08% and a net margin of 6.75%. The company had revenue of $14.45 billion for the quarter, compared to the consensus estimate of $14.66 billion. During the same period in the previous year, the business earned $4.26 earnings per share. Research analysts anticipate that Prudential Financial, Inc. will post 13.51 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were paid a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.4%. Prudential Financial’s payout ratio is currently 50.72%.

More Prudential Financial News

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Earnings topped expectations. Third-quarter earnings were $3.77 per share, ahead of analyst estimates of $3.34. Reports cited PGIM and U.S. protection as sources of strength. Read More.
• Positive Sentiment: Annuity sales reached a 13-year high, offering evidence of strong demand in an important business line. Read More.
• Neutral Sentiment: Investors may look to management’s outlook and strategy. Prudential’s Q3 earnings call covered the company’s results and business reshaping. Read More.
• Negative Sentiment: Revenue missed estimates and earnings declined year over year. Revenue of $14.45 billion was below the $14.66 billion consensus, while earnings fell from $4.26 per share in the year-ago quarter. Read More.
• Negative Sentiment: Japan remains a headwind. The suspension of business there reduced income by $191 million, while Prudential is also accounting for a reported $1.3 billion Japan-related cost as it reshapes its Asia and emerging-markets footprint. Read More.
• Negative Sentiment: Some analyst signals remain cautious. Barclays raised its price target to $98 from $94 but kept an “underweight” rating; Zacks also added PRU to its Strong Sell list. Read More. · Read More.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRU. Zacks Research lowered Prudential Financial from a “hold” rating to a “strong sell” rating in a research note on Friday, October 23rd. Evercore reduced their price objective on Prudential Financial from $110.00 to $106.00 in a research report on Friday, October 9th. Wells Fargo & Company decreased their price objective on Prudential Financial from $104.00 to $103.00 and set an “underweight” rating on the stock in a report on Wednesday, October 28th. BMO Capital Markets lifted their price objective on Prudential Financial from $90.00 to $120.00 and gave the stock an “underperform” rating in a report on Friday, August 21st. Finally, Jefferies Financial Group lowered their price objective on Prudential Financial from $116.00 to $109.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $111.53.

About Prudential Financial

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.