Wealth Enhancement Advisory Services LLC boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 3.4% in the first quarter, HoldingsChannel reports. The firm owned 79,888 shares of the financial services provider’s stock after purchasing an additional 2,623 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Prudential Financial were worth $8,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. HBK Sorce Advisory LLC boosted its position in Prudential Financial by 1.0% during the 4th quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock valued at $1,116,000 after purchasing an additional 91 shares during the period. Altman Advisors Inc. boosted its position in Prudential Financial by 0.6% during the 4th quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider’s stock valued at $1,907,000 after purchasing an additional 94 shares during the period. Brown Brothers Harriman & Co. boosted its position in Prudential Financial by 7.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,506 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 98 shares during the period. SPC Financial Inc. boosted its position in Prudential Financial by 2.7% during the 4th quarter. SPC Financial Inc. now owns 3,873 shares of the financial services provider’s stock valued at $459,000 after purchasing an additional 100 shares during the period. Finally, NorthCrest Asset Manangement LLC boosted its position in Prudential Financial by 3.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 101 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently issued reports on PRU shares. JPMorgan Chase & Co. reduced their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Wednesday, April 2nd. Piper Sandler cut their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Morgan Stanley lifted their target price on Prudential Financial from $108.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Barclays cut their target price on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. Finally, UBS Group cut their target price on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $120.15.
Read Our Latest Research Report on PRU
Prudential Financial Stock Up 1.4%
PRU opened at $105.74 on Tuesday. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. The stock’s fifty day moving average is $103.53 and its 200-day moving average is $109.94. The company has a market capitalization of $37.43 billion, a PE ratio of 16.76, a P/E/G ratio of 1.00 and a beta of 1.07.
Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The company had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. During the same quarter in the previous year, the business earned $3.12 EPS. The company’s quarterly revenue was down 38.2% compared to the same quarter last year. On average, equities analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.
Prudential Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s dividend payout ratio is presently 85.58%.
Insider Transactions at Prudential Financial
In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the transaction, the insider now directly owns 3,168,461 shares of the company’s stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by insiders.
Prudential Financial Company Profile
(Free Report)
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.
See Also
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