Prudential Financial, Inc. (NYSE:PRU) Shares Purchased by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC lifted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 36.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,679 shares of the financial services provider’s stock after purchasing an additional 712 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Prudential Financial were worth $324,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of PRU. Forsta AP Fonden raised its holdings in Prudential Financial by 23.5% during the third quarter. Forsta AP Fonden now owns 153,500 shares of the financial services provider’s stock worth $18,589,000 after purchasing an additional 29,200 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Prudential Financial by 21.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,489 shares of the financial services provider’s stock worth $3,563,000 after acquiring an additional 5,129 shares during the period. Lake Street Advisors Group LLC raised its position in Prudential Financial by 6.1% in the third quarter. Lake Street Advisors Group LLC now owns 3,837 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 219 shares in the last quarter. Cullinan Associates Inc. boosted its position in shares of Prudential Financial by 13.7% during the 3rd quarter. Cullinan Associates Inc. now owns 59,932 shares of the financial services provider’s stock valued at $7,533,000 after purchasing an additional 7,207 shares in the last quarter. Finally, Mainstay Capital Management LLC ADV grew its stake in shares of Prudential Financial by 7.8% in the 3rd quarter. Mainstay Capital Management LLC ADV now owns 18,513 shares of the financial services provider’s stock worth $2,242,000 after purchasing an additional 1,336 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Piper Sandler lifted their price target on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. UBS Group increased their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley lowered their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and an average price target of $123.69.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the stock in a transaction dated Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total transaction of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Prudential Financial Stock Down 1.5 %

PRU stock opened at $123.46 on Monday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The firm has a market cap of $44.32 billion, a PE ratio of 21.00, a PEG ratio of 0.96 and a beta of 1.30. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The company has a fifty day simple moving average of $120.20 and a 200 day simple moving average of $117.86.

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). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.3 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is 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.