CWA Asset Management Group LLC Takes Position in Prudential Financial, Inc. (NYSE:PRU)

CWA Asset Management Group LLC bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,181 shares of the financial services provider’s stock, valued at approximately $385,000.

Other hedge funds have also bought and sold shares of the company. Legal & General Group Plc raised its stake in Prudential Financial by 9.4% during 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 purchasing an additional 305,143 shares during the period. abrdn plc increased its position in shares of Prudential Financial by 4.0% during the 3rd quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after purchasing an additional 50,026 shares during the last quarter. International Assets Investment Management LLC lifted its position in Prudential Financial by 4,130.8% in the third quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after buying an additional 1,267,571 shares during the last quarter. AustralianSuper Pty Ltd lifted its holdings in shares of Prudential Financial by 2.3% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider’s stock worth $153,312,000 after acquiring an additional 28,459 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Prudential Financial by 8.8% during 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. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Up 2.6 %

Shares of Prudential Financial stock opened at $125.00 on Tuesday. The company has a fifty day moving average price of $121.48 and a 200 day moving average price of $118.82. The stock has a market cap of $44.50 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.87 and a beta of 1.29. Prudential Financial, Inc. has a twelve month low of $91.07 and a twelve month high of $129.13. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.01. The firm had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same quarter in the previous year, the firm earned $3.44 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of research analyst reports. Piper Sandler lifted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America upped their price target on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a report on Wednesday, August 21st. Morgan Stanley lowered their price target on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company upped their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $123.85.

Insider Activity

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The stock was 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 approximately $1,648,705.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred on 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 directly owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% 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.