Patten & Patten Inc. TN Grows Position in Prudential Financial, Inc. (NYSE:PRU)

Patten & Patten Inc. TN boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 14,150 shares of the financial services provider’s stock after buying an additional 245 shares during the quarter. Patten & Patten Inc. TN’s holdings in Prudential Financial were worth $1,677,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in Prudential Financial by 0.3% in the third quarter. State Street Corp now owns 17,007,013 shares of the financial services provider’s stock valued at $2,059,549,000 after purchasing an additional 49,830 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Prudential Financial by 4.1% in the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after purchasing an additional 341,787 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Prudential Financial by 1.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock valued at $370,327,000 after acquiring an additional 47,561 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Prudential Financial by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider’s stock valued at $290,906,000 after acquiring an additional 6,938 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Prudential Financial by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,521 shares of the financial services provider’s stock valued at $285,601,000 after acquiring an additional 26,210 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Trading Up 3.4 %

Shares of PRU stock opened at $108.64 on Monday. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55. The stock has a market cap of $38.89 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.98 and a beta of 1.28. The business has a fifty day simple moving average of $114.31 and a 200-day simple moving average of $119.39. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

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

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 72.29%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays increased their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. TD Cowen increased 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 decreased 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. Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Finally, BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and a consensus target price of $126.15.

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.