AXQ Capital LP Acquires Shares of 2,151 Prudential Financial, Inc. (NYSE:PRU)

AXQ Capital LP purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,151 shares of the financial services provider’s stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRU. Grove Bank & Trust raised its holdings 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 buying an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new stake in Prudential Financial in the fourth quarter worth $29,000. CGC Financial Services LLC boosted its stake in shares of 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 purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new position in Prudential Financial in the 4th quarter worth about $33,000. Finally, Quarry LP lifted its holdings in Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after buying an additional 222 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU stock opened at $110.35 on Monday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The company has a market cap of $39.51 billion, a PE ratio of 14.77, a PEG ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 12-month low of $104.45 and a 12-month high of $130.55. The business’s fifty day simple moving average is $113.57 and its 200-day simple moving average is $119.03.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share 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%. Analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a yield of 4.89%. Prudential Financial’s dividend payout ratio is presently 72.29%.

Insiders Place Their Bets

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares in the company, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the purchase, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. TD Cowen lifted their price target on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Morgan Stanley lowered their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Piper Sandler decreased their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Jefferies Financial Group raised their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $126.15.

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.