Global Retirement Partners LLC Takes $663,000 Position in Prudential Financial, Inc. $PRU

Global Retirement Partners LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,169 shares of the financial services provider’s stock, valued at approximately $663,000.

Several other large investors also recently modified their holdings of PRU. Vanguard Group Inc. boosted its position in shares of Prudential Financial by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock worth $4,566,432,000 after purchasing an additional 600,482 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 1.8% in the second quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider’s stock valued at $1,010,474,000 after purchasing an additional 163,874 shares during the last quarter. Invesco Ltd. grew its stake in Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock valued at $495,859,000 after purchasing an additional 116,079 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Prudential Financial by 19.2% in 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 last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Prudential Financial by 1.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,408,942 shares of the financial services provider’s stock valued at $258,817,000 after buying an additional 31,088 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRU. Wolfe Research started coverage on shares of Prudential Financial in a research report on Tuesday, September 16th. They set a “peer perform” rating for the company. Barclays reduced their price objective on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Prudential Financial in a research note on Tuesday. Evercore ISI upped their price target on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research report on Thursday, October 30th. Finally, Keefe, Bruyette & Woods increased their price target on Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a research note on Monday, November 3rd. One investment 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $119.50.

Insider Buying and Selling

In other Prudential Financial news, Chairman Charles F. Lowrey sold 48,164 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $107.39, for a total value of $5,172,331.96. Following the completion of the transaction, the chairman directly owned 165,564 shares of the company’s stock, valued at $17,779,917.96. This trade represents a 22.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

Prudential Financial Stock Performance

NYSE:PRU opened at $108.81 on Friday. The business’s fifty day moving average is $103.94 and its 200 day moving average is $104.88. The firm has a market cap of $38.08 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.39.

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 return on equity of 16.98% and a net margin of 4.65%.The business had revenue of $8.35 billion during the quarter. Research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Tuesday, November 18th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, November 18th. Prudential Financial’s dividend payout ratio is 74.18%.

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.