HBK Sorce Advisory LLC Acquires Shares of 7,335 Prudential Financial, Inc. $PRU

HBK Sorce Advisory LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,335 shares of the financial services provider’s stock, valued at approximately $881,000.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position in shares of Prudential Financial by 1.2% during the fourth quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock worth $1,945,381,000 after acquiring an additional 210,959 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Prudential Financial by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after purchasing an additional 26,414 shares during the period. Morgan Stanley lifted its holdings in Prudential Financial by 6.7% during the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after purchasing an additional 420,081 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock worth $367,089,000 after purchasing an additional 166,641 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Prudential Financial by 95.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Down 0.1%

Shares of NYSE PRU opened at $125.05 on Monday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average of $114.94 and a 200-day moving average of $105.21. The firm has a market capitalization of $43.14 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 2.38 and a beta of 0.84. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. During the same period last year, the firm posted $3.58 earnings per share. Sell-side analysts expect that Prudential Financial, Inc. will post 14.17 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.5%. Prudential Financial’s dividend payout ratio (DPR) is 50.72%.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets lowered their price target on shares of Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, April 23rd. Piper Sandler upped their target price on shares of Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Morgan Stanley reiterated an “underweight” rating and issued a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their price target on shares of Prudential Financial from $113.00 to $123.00 and gave the company a “market perform” rating in a report on Tuesday, August 11th. Finally, Argus cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Prudential Financial presently has an average rating of “Reduce” and an average price target of $107.62.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.