Prudential Financial (NYSE:PRU) Hits New 12-Month High After Dividend Announcement

Prudential Financial, Inc. (NYSE:PRU) reached a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $128.75 and last traded at $128.02, with a volume of 430098 shares. The stock had previously closed at $120.18.

The newly announced dividend which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company raised their target price on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Morgan Stanley decreased their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, UBS Group raised their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $123.85.

Prudential Financial Stock Performance

The stock has a market cap of $44.09 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s 50 day moving average is $121.38 and its 200 day moving average is $118.62.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The firm had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. During the same quarter in the prior year, the business posted $3.44 EPS. Analysts anticipate that Prudential Financial, Inc. will post 13.32 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were 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 $1,648,705.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

A number of large investors have recently bought and sold shares of PRU. International Assets Investment Management LLC lifted its stake in Prudential Financial by 4,130.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock valued at $157,219,000 after acquiring an additional 1,267,571 shares during the period. AQR Capital Management LLC boosted its holdings in Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock valued at $84,874,000 after purchasing an additional 357,300 shares during the last quarter. Swedbank AB acquired a new stake in Prudential Financial during the 1st quarter worth about $35,855,000. Legal & General Group Plc lifted its holdings in shares of Prudential Financial by 9.4% in the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after buying an additional 305,143 shares during the period. Finally, Capital Advisors Inc. OK purchased a new stake in shares of Prudential Financial in the third quarter worth about $30,226,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

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.