Cornerstone Wealth Group LLC Increases Stake in Prudential Financial, Inc. (NYSE:PRU)

Cornerstone Wealth Group LLC grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,437 shares of the financial services provider’s stock after purchasing an additional 2,331 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Prudential Financial were worth $6,927,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Grove Bank & Trust grew its stake in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after buying an additional 87 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Prudential Financial in the third quarter worth $31,000. Quarry LP raised its stake in shares of Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 222 shares during the period. Retirement Wealth Solutions LLC purchased a new stake in Prudential Financial during the 4th quarter worth about $37,000. Finally, Tompkins Financial Corp boosted its stake in Prudential Financial by 61.7% in the 3rd quarter. Tompkins Financial Corp now owns 367 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the acquisition, the insider now directly owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. The trade was a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of Prudential Financial from $127.00 to $128.00 and gave the stock an “equal weight” rating in a report on Thursday. Jefferies Financial Group raised their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods decreased their price target on shares of Prudential Financial from $135.00 to $129.00 and set a “market perform” rating on the stock in a report on Thursday, January 16th. 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. Finally, TD Cowen upped their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $125.31.

Prudential Financial Stock Up 0.3 %

Shares of NYSE PRU opened at $117.22 on Monday. The stock has a market capitalization of $41.73 billion, a P/E ratio of 10.42, a PEG ratio of 1.09 and a beta of 1.31. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial, Inc. has a one year low of $100.60 and a one year high of $130.55. The firm’s 50 day simple moving average is $121.29 and its two-hundred day simple moving average is $120.68.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. During the same quarter last year, the company earned $3.44 EPS. As a group, analysts expect that Prudential Financial, Inc. will post 13.24 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend was Tuesday, November 19th. Prudential Financial’s dividend payout ratio is presently 46.22%.

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.