CIBC Asset Management Inc Has $5.67 Million Position in Prudential Financial, Inc. (NYSE:PRU)

CIBC Asset Management Inc trimmed its position in Prudential Financial, Inc. (NYSE:PRU) by 5.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,373 shares of the financial services provider’s stock after selling 2,984 shares during the quarter. CIBC Asset Management Inc’s holdings in Prudential Financial were worth $5,669,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Annex Advisory Services LLC grew its holdings in Prudential Financial by 3.4% in the 2nd quarter. Annex Advisory Services LLC now owns 2,467 shares of the financial services provider’s stock valued at $289,000 after buying an additional 81 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Prudential Financial by 1.1% in the second quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock worth $951,000 after purchasing an additional 87 shares during the period. Peoples Bank OH increased its position in shares of Prudential Financial by 2.3% in the first quarter. Peoples Bank OH now owns 4,046 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 90 shares during the period. Quotient Wealth Partners LLC increased its position in shares of Prudential Financial by 3.9% in the second quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider’s stock worth $284,000 after purchasing an additional 92 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in shares of Prudential Financial by 1.3% in the first quarter. Sequoia Financial Advisors LLC now owns 7,449 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 94 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on PRU. Jefferies Financial Group decreased their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Citigroup raised their price target on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price objective on the stock in a research note on Monday, August 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $119.33.

Prudential Financial Stock Performance

Shares of PRU stock opened at $119.55 on Thursday. The business’s 50-day moving average price is $118.22 and its 200-day moving average price is $115.56. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52. The firm has a market capitalization of $42.68 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 0.94 and a beta of 1.30. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Equities research analysts forecast that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date is Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is owned by 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.