AdvisorNet Financial Inc Reduces Stock Position in Prudential Financial, Inc. (NYSE:PRU)

AdvisorNet Financial Inc lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 4.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,364 shares of the financial services provider’s stock after selling 180 shares during the period. AdvisorNet Financial Inc’s holdings in Prudential Financial were worth $517,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC increased its holdings in Prudential Financial by 1.2% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock valued at $891,000 after acquiring an additional 89 shares in the last quarter. Daymark Wealth Partners LLC increased its stake in shares of Prudential Financial by 3.9% during the 3rd quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 97 shares in the last quarter. UMB Bank n.a. raised its position in shares of Prudential Financial by 2.7% during the 3rd quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock worth $443,000 after purchasing an additional 97 shares during the last quarter. Pure Financial Advisors LLC lifted its stake in Prudential Financial by 2.7% in the 3rd quarter. Pure Financial Advisors LLC now owns 3,748 shares of the financial services provider’s stock valued at $454,000 after buying an additional 97 shares in the last quarter. Finally, Hardy Reed LLC increased its position in Prudential Financial by 1.6% during the third quarter. Hardy Reed LLC now owns 6,202 shares of the financial services provider’s stock worth $751,000 after buying an additional 98 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 2.1 %

Shares of PRU stock opened at $120.10 on Thursday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a fifty-two week low of $100.60 and a fifty-two week high of $130.55. The firm’s 50 day moving average price is $122.38 and its two-hundred day moving average price is $120.67. The stock has a market cap of $42.76 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 0.87 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping the consensus estimate of $3.47 by $0.01. The firm had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the previous year, the company posted $3.44 EPS. On average, analysts anticipate that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Tuesday, November 19th. Prudential Financial’s payout ratio is 46.22%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the company’s stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRU has been the topic of a number of analyst reports. Bank of America increased their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price target for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Piper Sandler upped their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and an average price target of $127.00.

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.