Patten & Patten Inc. TN Has $1.86 Million Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Patten & Patten Inc. TN lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,850 shares of the financial services provider’s stock after purchasing an additional 300 shares during the quarter. Patten & Patten Inc. TN’s holdings in Prudential Financial were worth $1,861,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after buying an additional 5,154,865 shares during the period. Dimensional Fund Advisors LP raised its position in Prudential Financial by 10.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Prudential Financial by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,346,612 shares of the financial services provider’s stock worth $243,367,000 after purchasing an additional 72,696 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Prudential Financial by 9,281.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after purchasing an additional 1,354,248 shares in the last quarter. Finally, abrdn plc increased its stake in shares of Prudential Financial by 37.5% in the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock valued at $114,829,000 after purchasing an additional 302,164 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction 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 directly owns 12,236 shares in the company, valued at $1,426,472.88. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Trading Up 0.7 %

Shares of PRU traded up $0.85 during mid-day trading on Monday, reaching $124.61. 1,233,132 shares of the company were exchanged, compared to its average volume of 1,457,538. The business has a 50 day simple moving average of $118.76 and a two-hundred day simple moving average of $112.82. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The stock has a market capitalization of $44.73 billion, a PE ratio of 21.19, a PEG ratio of 0.95 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 released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The firm had revenue of $15.01 billion for the quarter, compared to the consensus estimate of $14.50 billion. During the same quarter in the previous year, the business posted $2.66 EPS. The firm’s revenue for the quarter was up 69.9% compared to the same quarter last year. On average, analysts predict that Prudential Financial, Inc. will post 13.38 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.17%. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI boosted their target price on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research note on Thursday, April 25th. Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. Jefferies Financial Group cut their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Piper Sandler lowered their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Two investment 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.com, the company has a consensus rating of “Hold” and an average target price of $116.67.

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.