VIRGINIA RETIREMENT SYSTEMS ET Al Takes $28.58 Million Position in Prudential Financial, Inc. $PRU

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) in the second quarter, Holdings Channel.com reports. The fund purchased 266,000 shares of the financial services provider’s stock, valued at approximately $28,579,000.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Prudential Financial by 3.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider’s stock valued at $2,320,000 after purchasing an additional 721 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Prudential Financial by 3.0% in the 1st quarter. Acadian Asset Management LLC now owns 109,447 shares of the financial services provider’s stock valued at $12,217,000 after purchasing an additional 3,183 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Prudential Financial by 728.4% in the 1st quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider’s stock valued at $94,000 after acquiring an additional 743 shares during the last quarter. HighTower Advisors LLC grew its stake in Prudential Financial by 68.2% in the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider’s stock valued at $12,373,000 after acquiring an additional 44,937 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in Prudential Financial by 49.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider’s stock valued at $184,192,000 after acquiring an additional 567,571 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Prudential Financial in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 16th. Piper Sandler lowered their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $122.27.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president directly owned 21,506 shares in the company, valued at $2,358,132.90. This represents a 15.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by insiders.

Prudential Financial Price Performance

Prudential Financial stock opened at $100.76 on Monday. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The stock has a market capitalization of $35.47 billion, a P/E ratio of 22.34, a P/E/G ratio of 0.89 and a beta of 1.04. The firm’s 50-day moving average is $105.06 and its two-hundred day moving average is $104.10. 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 released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company had revenue of $8.35 billion for the quarter. Equities analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is presently 119.73%.

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.