Voleon Capital Management LP Invests $634,000 in Prudential Financial, Inc. $PRU

Voleon Capital Management LP bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,680 shares of the financial services provider’s stock, valued at approximately $634,000.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider’s stock worth $2,320,000 after purchasing an additional 721 shares during the period. Golden State Wealth Management LLC raised its position in shares of Prudential Financial by 728.4% during the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 743 shares during the period. HighTower Advisors LLC raised its position in shares of Prudential Financial by 68.2% during the first quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider’s stock worth $12,373,000 after purchasing an additional 44,937 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Prudential Financial by 9.7% during the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 222 shares during the period. Finally, Sound Income Strategies LLC raised its position in shares of Prudential Financial by 9.0% during the first quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider’s stock worth $3,954,000 after purchasing an additional 2,913 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Trading Down 0.3%

Shares of Prudential Financial stock opened at $105.56 on Wednesday. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm has a market cap of $37.16 billion, a PE ratio of 23.41, a P/E/G ratio of 0.94 and a beta of 1.07. The stock has a fifty day moving average price of $105.78 and a 200-day moving average price of $105.59. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The firm had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the firm posted $3.39 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.35 per share. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.1%. Prudential Financial’s dividend payout ratio is presently 119.73%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PRU shares. Wells Fargo & Company lowered their price target on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 16th. Barclays increased their price target on Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, July 17th. Morgan Stanley increased their price target on Prudential Financial from $113.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, August 18th. Piper Sandler lowered their price target on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, July 16th. Finally, UBS Group lowered their price target on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $122.08.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business’s 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 purchase, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by corporate insiders.

Prudential Financial 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.