KLP Kapitalforvaltning AS Takes Position in Prudential Financial, Inc. (NYSE:PRU)

KLP Kapitalforvaltning AS acquired a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 121,050 shares of the financial services provider’s stock, valued at approximately $14,348,000.

Other large investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA grew its position in Prudential Financial by 7.4% in the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock valued at $2,176,000 after acquiring an additional 1,234 shares during the period. Avanza Fonder AB bought a new stake in Prudential Financial in the fourth quarter valued at $3,423,000. Gateway Investment Advisers LLC grew its position in Prudential Financial by 56.1% in the fourth quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after acquiring an additional 7,907 shares during the period. Principal Financial Group Inc. grew its position in Prudential Financial by 3.9% in the third quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after acquiring an additional 15,695 shares during the period. Finally, Janus Henderson Group PLC grew its position in Prudential Financial by 2.3% in the third quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock valued at $9,597,000 after acquiring an additional 1,765 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

NYSE:PRU opened at $110.35 on Monday. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55. The stock has a fifty day moving average price of $113.57 and a 200-day moving average price of $119.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $39.51 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a $1.35 dividend. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.89%. Prudential Financial’s dividend payout ratio is presently 72.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Barclays boosted their price objective on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Wells Fargo & Company boosted their price objective on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. BMO Capital Markets assumed coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective on the stock. Morgan Stanley reduced their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Finally, Jefferies Financial Group boosted their price objective on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $126.15.

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.