Fortitude Family Office LLC Buys 244 Shares of Prudential Financial, Inc. $PRU

Fortitude Family Office LLC grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 75.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 569 shares of the financial services provider’s stock after purchasing an additional 244 shares during the period. Fortitude Family Office LLC’s holdings in Prudential Financial were worth $61,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of Prudential Financial by 11,280.3% during the 1st quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider’s stock worth $96,923,000 after buying an additional 860,239 shares in the last quarter. Nuveen LLC bought a new position in shares of Prudential Financial during the 1st quarter worth approximately $90,010,000. 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Prudential Financial during the 4th quarter worth approximately $25,796,000. Finally, Amundi lifted its position in shares of Prudential Financial by 14.1% during the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider’s stock worth $183,571,000 after buying an additional 216,119 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group dropped their target price on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 27th. Wells Fargo & Company decreased their price target on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 16th. JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Barclays raised their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 17th. Finally, Piper Sandler decreased their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $122.08.

Prudential Financial Stock Up 0.2%

Prudential Financial stock opened at $103.06 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 capitalization of $36.28 billion, a price-to-earnings ratio of 22.85, a P/E/G ratio of 0.91 and a beta of 1.07. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The firm has a 50 day simple moving average of $105.25 and a 200 day simple moving average of $105.08.

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

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s payout ratio is currently 119.73%.

Insiders Place Their Bets

In related news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

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.