Prudential Financial, Inc. (NYSE:PRU) Major Shareholder Purchases $2,499,989.84 in Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Prudential Financial Trading Up 3.4 %

Prudential Financial stock opened at $108.64 on Monday. The stock has a 50-day moving average of $114.31 and a two-hundred day moving average of $119.39. 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, Inc. has a one year low of $104.45 and a one year high of $130.55. The stock has a market cap of $38.89 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.97%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PRU. Morgan Stanley dropped their price target on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. BMO Capital Markets started coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target on the stock. Piper Sandler dropped their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Wells Fargo & Company raised their price objective on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 19th. Finally, Jefferies Financial Group raised their price objective on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $126.15.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Grove Bank & Trust raised its stake in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Prudential Financial during the fourth quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new position in Prudential Financial during the third quarter valued at approximately $31,000. CGC Financial Services LLC raised its position in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 124 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. purchased a new position in Prudential Financial during the fourth quarter valued at approximately $33,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

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.