Raymond James Financial Inc. Makes New $76.30 Million Investment in Prudential Financial, Inc. (NYSE:PRU)

Raymond James Financial Inc. bought a new position in Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 643,741 shares of the financial services provider’s stock, valued at approximately $76,303,000.

Other large investors have also bought and sold shares of the company. Grove Bank & Trust increased its position in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial in the fourth quarter worth $29,000. Ashton Thomas Securities LLC bought a new position in shares of Prudential Financial in the third quarter worth $31,000. CGC Financial Services LLC boosted its holdings in shares of Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 124 shares during the period. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Prudential Financial in the fourth quarter worth $33,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRU. TD Cowen raised their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Morgan Stanley cut their price target on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Barclays raised their price target on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price objective for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Finally, Piper Sandler dropped their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Trading Up 1.1 %

Shares of PRU stock opened at $111.35 on Monday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $115.53 and a two-hundred day moving average price of $119.78. Prudential Financial, Inc. has a 12-month low of $104.44 and a 12-month high of $130.55. The firm has a market cap of $39.86 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be issued a $1.35 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.85%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s payout ratio is currently 72.29%.

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.