Bank of Nova Scotia Has $12.12 Million Holdings in Prudential Financial, Inc. $PRU

Bank of Nova Scotia cut its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 41.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 124,118 shares of the financial services provider’s stock after selling 87,354 shares during the quarter. Bank of Nova Scotia’s holdings in Prudential Financial were worth $12,125,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PRU. Jessup Wealth Management Inc acquired a new stake in Prudential Financial during the fourth quarter worth approximately $25,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Prudential Financial in the 4th quarter valued at $26,000. Salomon & Ludwin LLC lifted its position in shares of Prudential Financial by 98.3% during the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 114 shares during the period. Lodestone Wealth Management LLC bought a new position in shares of Prudential Financial during the 4th quarter worth about $28,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Prudential Financial during the fourth quarter valued at approximately $30,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $119.83 on Monday. The company has a market capitalization of $41.58 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 2.40 and a beta of 0.85. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $120.58. The company’s 50-day moving average is $108.91 and its 200 day moving average is $104.27.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The firm had revenue of $15.23 billion for the quarter, compared to analysts’ expectations of $14.10 billion. During the same period in the previous year, the company earned $3.29 earnings per share. On average, equities research analysts forecast that Prudential Financial, Inc. will post 13.75 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s dividend payout ratio is currently 57.61%.

Analyst Ratings Changes

PRU has been the topic of a number of recent research reports. Barclays increased their target price on Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Tuesday, July 7th. Piper Sandler upped their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Bank of America dropped their price target on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Zacks Research upgraded Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $105.46.

About Prudential Financial

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.