Miller Financial Services LLC Acquires Shares of 1,928 Prudential Financial, Inc. (NYSE:PRU)

Miller Financial Services LLC purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,928 shares of the financial services provider’s stock, valued at approximately $229,000.

Several other large investors have also recently bought and sold shares of the business. Nordea Investment Management AB lifted its position in shares of Prudential Financial by 176.8% in the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after purchasing an additional 665,180 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Prudential Financial in the 4th quarter worth approximately $76,303,000. Amundi boosted its stake in shares of Prudential Financial by 32.7% during the 4th quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock valued at $181,851,000 after buying an additional 378,266 shares during the period. FMR LLC increased its stake in shares of Prudential Financial by 31.3% in the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after acquiring an additional 344,254 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 4.1% during the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock worth $1,047,872,000 after acquiring an additional 341,787 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley dropped their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their target price for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. TD Cowen increased their price target on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. BMO Capital Markets assumed coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. Finally, Wells Fargo & Company boosted their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $126.15.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $105.66 on Wednesday. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $37.82 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The firm’s 50-day simple moving average is $115.04 and its 200-day simple moving average is $119.64.

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

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be given a $1.35 dividend. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date is Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 5.11%. Prudential Financial’s payout ratio is presently 72.29%.

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.