Allspring Global Investments Holdings LLC Purchases 539 Shares of Prudential Financial, Inc. (NYSE:PRU)

Allspring Global Investments Holdings LLC increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,183 shares of the financial services provider’s stock after purchasing an additional 539 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Prudential Financial were worth $2,722,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cambridge Trust Co. grew its holdings in shares of Prudential Financial by 77.2% in the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 105 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Prudential Financial during the 4th quarter valued at $26,000. Headinvest LLC bought a new stake in shares of Prudential Financial during the 3rd quarter worth $27,000. Arlington Trust Co LLC boosted its holdings in shares of Prudential Financial by 151.6% in the 4th quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock worth $32,000 after buying an additional 185 shares during the last quarter. Finally, Pineridge Advisors LLC purchased a new stake in Prudential Financial during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the purchase, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was purchased 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 owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the completion of the sale, the senior vice president now directly owns 12,236 shares in the company, valued at $1,426,472.88. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PRU. Piper Sandler decreased their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Morgan Stanley boosted their price objective on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. JPMorgan Chase & Co. lifted their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wells Fargo & Company upped their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Finally, Jefferies Financial Group reduced their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $115.92.

Prudential Financial Stock Up 0.9 %

Shares of PRU opened at $118.55 on Wednesday. The firm has a market cap of $42.56 billion, a P/E ratio of 20.16, a P/E/G ratio of 0.88 and a beta of 1.34. Prudential Financial, Inc. has a 1 year low of $87.57 and a 1 year high of $121.39. The stock has a 50 day simple moving average of $116.50 and a two-hundred day simple moving average of $111.05. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). The business had revenue of $15.01 billion for the quarter, compared to the consensus estimate of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. Prudential Financial’s revenue for the quarter was up 69.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.66 EPS. On average, analysts forecast that Prudential Financial, Inc. will post 13.41 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Monday, May 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

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.