Cullinan Associates Inc. Has $17.80 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Cullinan Associates Inc. boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 2,355.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 151,598 shares of the financial services provider’s stock after purchasing an additional 145,423 shares during the quarter. Prudential Financial comprises 1.0% of Cullinan Associates Inc.’s holdings, making the stock its 28th largest position. Cullinan Associates Inc.’s holdings in Prudential Financial were worth $17,798,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Trust Co. increased its stake in shares of Prudential Financial by 77.2% in the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after buying an additional 105 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Prudential Financial in the fourth quarter valued at $26,000. Headinvest LLC bought a new position in Prudential Financial in the third quarter valued at about $27,000. Arlington Trust Co LLC boosted its holdings in Prudential Financial by 151.6% in the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 185 shares during the last quarter. Finally, Riverview Trust Co bought a new position in Prudential Financial in the first quarter valued at about $37,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRU has been the topic of several recent research reports. Evercore ISI raised their price target on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Wells Fargo & Company raised their target price on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Piper Sandler reduced their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. JPMorgan Chase & Co. raised their target price on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Morgan Stanley raised their target price on Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $115.92.

Insider Activity at Prudential Financial

In other Prudential Financial news, SVP Timothy L. Schmidt sold 5,189 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Prudential Financial news, SVP Timothy L. Schmidt sold 5,189 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of Prudential Financial stock in a transaction dated Thursday, June 20th. The shares were acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.34% of the stock is owned by insiders.

Prudential Financial Stock Up 0.2 %

Prudential Financial stock traded up $0.25 during midday trading on Tuesday, reaching $117.78. The stock had a trading volume of 225,166 shares, compared to its average volume of 1,472,073. The firm’s fifty day simple moving average is $116.38 and its 200-day simple moving average is $110.96. Prudential Financial, Inc. has a 1-year low of $87.57 and a 1-year high of $121.39. The stock has a market capitalization of $42.28 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.34. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The firm had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. During the same period in the prior year, the business posted $2.66 EPS. The firm’s quarterly revenue was up 69.9% compared to the same quarter last year. As a group, analysts expect that Prudential Financial, Inc. will post 13.41 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date was Monday, May 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

Prudential Financial Company 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.