Econ Financial Services Corp Invests $1.66 Million in Prudential Financial, Inc. $PRU

Econ Financial Services Corp bought a new position in Prudential Financial, Inc. (NYSE:PRU) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,472 shares of the financial services provider’s stock, valued at approximately $1,662,000.

Several other hedge funds also recently made changes to their positions in the company. Proffitt & Goodson Inc. lifted its stake in shares of Prudential Financial by 12.7% in the 2nd quarter. Proffitt & Goodson Inc. now owns 871 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 98 shares during the period. SPC Financial Inc. lifted its stake in shares of Prudential Financial by 2.6% in the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider’s stock worth $444,000 after acquiring an additional 100 shares during the period. Thrive Wealth Management LLC lifted its stake in shares of Prudential Financial by 2.6% in the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider’s stock worth $430,000 after acquiring an additional 101 shares during the period. Eagle Capital Management LLC lifted its stake in shares of Prudential Financial by 0.3% in the 2nd quarter. Eagle Capital Management LLC now owns 35,806 shares of the financial services provider’s stock worth $3,847,000 after acquiring an additional 108 shares during the period. Finally, Principle Wealth Partners LLC lifted its stake in shares of Prudential Financial by 0.3% in the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider’s stock valued at $4,723,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PRU shares. Wolfe Research started coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They issued a “peer perform” rating for the company. Barclays reduced their price objective on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Piper Sandler reduced their price objective 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. Morgan Stanley raised their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prudential Financial in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and an average price target of $122.27.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the firm’s 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 completion of the transaction, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company’s stock.

Prudential Financial Stock Performance

NYSE:PRU opened at $101.41 on Wednesday. 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 moving average price of $104.49 and a two-hundred day moving average price of $104.27. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The company has a market capitalization of $35.69 billion, a P/E ratio of 22.48, a price-to-earnings-growth ratio of 0.89 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm had revenue of $8.35 billion during the quarter. As a group, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.3%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 119.73%.

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.