Gateway Investment Advisers LLC Purchases 2,265 Shares of Prudential Financial, Inc. (NYSE:PRU)

Gateway Investment Advisers LLC boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 19.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,091 shares of the financial services provider’s stock after purchasing an additional 2,265 shares during the period. Gateway Investment Advisers LLC’s holdings in Prudential Financial were worth $1,706,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRU. Cullinan Associates Inc. increased its holdings in Prudential Financial by 2,355.0% during the 1st quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock valued at $17,798,000 after purchasing an additional 145,423 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Prudential Financial by 44.9% in the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock valued at $27,327,000 after buying an additional 71,274 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in Prudential Financial during the 4th quarter worth about $1,087,000. Nomura Holdings Inc. acquired a new stake in Prudential Financial in the 4th quarter valued at about $761,000. Finally, Brookstone Capital Management raised its stake in shares of Prudential Financial by 1,635.0% in the first quarter. Brookstone Capital Management now owns 87,201 shares of the financial services provider’s stock worth $10,237,000 after acquiring an additional 82,175 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRU. Citigroup raised their price target on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Wells Fargo & Company boosted their target price on Prudential Financial from $113.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Thursday. Barclays initiated coverage on Prudential Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price target on the stock. Piper Sandler upped their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $123.69.

Prudential Financial Price Performance

PRU opened at $123.72 on Friday. The company has a fifty day simple moving average of $116.93 and a 200 day simple moving average of $117.15. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The stock has a market cap of $44.42 billion, a P/E ratio of 21.04, a P/E/G ratio of 0.97 and a beta of 1.30. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. On average, research analysts expect that Prudential Financial, Inc. will post 13.28 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued a dividend of $1.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.20%. Prudential Financial’s payout ratio is 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.