Insurance Co Of Ame Prudential Buys 1,675,978 Shares of Prudential Financial, Inc. (NYSE:PRU) Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The shares were purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider now owns 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Insurance Co Of Ame Prudential also recently made the following trade(s):

• On Tuesday, March 25th, Insurance Co Of Ame Prudential acquired 52,595 shares of Prudential Financial stock. The stock was purchased at an average price of $28.52 per share, for a total transaction of $1,500,009.40.

Prudential Financial Stock Up 0.6%

Shares of PRU opened at $104.05 on Thursday. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The firm has a market capitalization of $36.83 billion, a P/E ratio of 16.49, a P/E/G ratio of 0.99 and a beta of 1.07. The company has a 50-day simple moving average of $103.21 and a 200-day simple moving average of $110.64. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. The company had revenue of $13.61 billion during the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The company’s quarterly revenue was down 38.2% on a year-over-year basis. During the same quarter last year, the company earned $3.12 EPS. On average, equities research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.19%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 85.58%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRU. UBS Group dropped their price target on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Keefe, Bruyette & Woods lowered their target price on shares of Prudential Financial from $120.00 to $117.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 7th. Piper Sandler cut their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. lowered their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Finally, Wall Street Zen upgraded Prudential Financial from a “sell” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $120.15.

Hedge Funds Weigh In On Prudential Financial

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Prudential Financial by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider’s stock valued at $4,960,547,000 after acquiring an additional 220,671 shares during the period. Geode Capital Management LLC boosted its holdings in Prudential Financial by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider’s stock valued at $1,050,635,000 after purchasing an additional 193,681 shares in the last quarter. Northern Trust Corp grew its stake in shares of Prudential Financial by 23.7% in the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock valued at $555,513,000 after purchasing an additional 897,916 shares during the period. Invesco Ltd. raised its holdings in shares of Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock worth $495,859,000 after buying an additional 116,079 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Prudential Financial by 19.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock worth $469,777,000 after buying an additional 678,028 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

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.