Insurance Co Of Ame Prudential Acquires 261,059 Shares of Prudential Financial, Inc. (NYSE:PRU) Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Prudential Financial Stock Up 1.7 %

Prudential Financial stock opened at $123.72 on Friday. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The firm has a market cap of $44.42 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30. The business’s 50-day moving average price is $116.93 and its 200 day moving average price is $117.14. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last posted its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). The firm had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.28 earnings per share for the current 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 paid a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.20%. Prudential Financial’s dividend payout ratio is presently 88.44%.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds have recently bought and sold shares of the business. Creekmur Asset Management LLC lifted its position in shares of Prudential Financial by 78.8% during the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Prudential Financial in the second quarter valued at about $29,000. Strategic Financial Concepts LLC increased its stake in shares of Prudential Financial by 1,312.4% during the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC purchased a new position in Prudential Financial in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC acquired a new stake in Prudential Financial in the 1st quarter worth about $34,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

PRU has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. TD Cowen began coverage on Prudential Financial in a research note on Wednesday. They issued a “hold” rating and a $130.00 price target for the company. Barclays began coverage on Prudential Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 price target on the stock. Finally, Bank of America increased their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $123.69.

Prudential Financial Company 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.