Parallel Advisors LLC Purchases 1,372 Shares of Prudential Financial, Inc. (NYSE:PRU)

Parallel Advisors LLC boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 35.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,279 shares of the financial services provider’s stock after purchasing an additional 1,372 shares during the quarter. Parallel Advisors LLC’s holdings in Prudential Financial were worth $619,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after acquiring an additional 5,154,865 shares during the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Prudential Financial by 2.8% during the second quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock worth $145,027,000 after purchasing an additional 34,160 shares during the period. Norges Bank bought a new stake in Prudential Financial in the fourth quarter valued at about $113,478,000. Federated Hermes Inc. lifted its stake in Prudential Financial by 8.8% in the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock valued at $120,181,000 after buying an additional 82,620 shares during the period. Finally, Stifel Financial Corp boosted its holdings in Prudential Financial by 0.4% during the fourth quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock worth $104,080,000 after buying an additional 4,006 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Citigroup upped their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. UBS Group lifted their target price on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. Finally, Wells Fargo & Company upgraded Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price objective on the stock in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $120.83.

Prudential Financial Stock Up 1.3 %

Shares of NYSE PRU opened at $117.74 on Tuesday. The company has a 50 day simple moving average of $117.90 and a 200 day simple moving average of $116.06. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The firm has a market cap of $42.03 billion, a PE ratio of 20.02, a price-to-earnings-growth ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion for 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%. On average, research analysts forecast that Prudential Financial, Inc. will post 13.31 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.42%. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Prudential Financial Profile

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.