Prudential Financial, Inc. (NYSE:PRU) Position Increased by LPL Financial LLC

LPL Financial LLC raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 486,064 shares of the financial services provider’s stock after buying an additional 12,718 shares during the period. LPL Financial LLC’s holdings in Prudential Financial were worth $56,962,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. boosted its stake in Prudential Financial by 3.5% in the 4th quarter. Gilbert & Cook Inc. now owns 10,226 shares of the financial services provider’s stock worth $1,061,000 after purchasing an additional 344 shares during the period. Avantax Advisory Services Inc. boosted its stake in shares of Prudential Financial by 6.9% during the 4th quarter. Avantax Advisory Services Inc. now owns 17,853 shares of the financial services provider’s stock valued at $1,852,000 after buying an additional 1,151 shares during the period. Meridian Wealth Management LLC acquired a new stake in shares of Prudential Financial during the 4th quarter valued at $213,000. NorthRock Partners LLC boosted its stake in shares of Prudential Financial by 58.7% during the 4th quarter. NorthRock Partners LLC now owns 3,673 shares of the financial services provider’s stock valued at $381,000 after buying an additional 1,358 shares during the period. Finally, Kentucky Retirement Systems boosted its stake in shares of Prudential Financial by 3.4% during the 4th quarter. Kentucky Retirement Systems now owns 28,884 shares of the financial services provider’s stock valued at $2,996,000 after buying an additional 959 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Prudential Financial Trading Up 0.4 %

Shares of Prudential Financial stock opened at $116.26 on Friday. The stock has a market capitalization of $41.50 billion, a P/E ratio of 19.77, a price-to-earnings-growth ratio of 0.89 and a beta of 1.30. Prudential Financial, Inc. has a 12-month low of $87.95 and a 12-month high of $128.52. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The company has a 50-day simple moving average of $117.88 and a 200 day simple moving average of $115.94.

Prudential Financial (NYSE:PRU) last posted its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The firm had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. Research analysts expect that Prudential Financial, Inc. will post 13.31 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.47%. Prudential Financial’s dividend payout ratio is 88.44%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley decreased their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, UBS Group increased their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $120.83.

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.