Convergence Investment Partners LLC Grows Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Convergence Investment Partners LLC boosted its stake in Prudential Financial, Inc. (NYSE:PRU) by 31.5% in the fourth quarter, Holdings Channel reports. The fund owned 14,175 shares of the financial services provider’s stock after buying an additional 3,396 shares during the quarter. Convergence Investment Partners LLC’s holdings in Prudential Financial were worth $1,680,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRU. International Assets Investment Management LLC boosted its holdings in Prudential Financial by 4,130.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after acquiring an additional 1,267,571 shares during the period. Nordea Investment Management AB boosted its holdings in Prudential Financial by 176.8% in the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after acquiring an additional 665,180 shares during the period. FMR LLC raised its position in shares of Prudential Financial by 31.3% in the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock valued at $174,903,000 after purchasing an additional 344,254 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Prudential Financial by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after purchasing an additional 341,787 shares in the last quarter. Finally, Capital Advisors Inc. OK acquired a new position in shares of Prudential Financial in the 3rd quarter valued at approximately $30,226,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Up 0.1 %

NYSE:PRU opened at $111.71 on Wednesday. Prudential Financial, Inc. has a 1 year low of $104.44 and a 1 year high of $130.55. The stock has a market cap of $39.99 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.99 and a beta of 1.31. The business has a fifty day moving average of $117.46 and a 200-day moving average of $119.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities analysts predict that Prudential Financial, Inc. will post 14.34 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 4.83%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 69.61%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRU shares. TD Cowen upped their target price on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Jefferies Financial Group upped their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and upped their price target for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. Keefe, Bruyette & Woods dropped their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company dropped their price target on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $125.46.

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.