Glassy Mountain Advisors Inc. Acquires Shares of 820 Prudential Financial, Inc. (NYSE:PRU)

Glassy Mountain Advisors Inc. acquired a new stake in shares of Prudential Financial, Inc. (NYSE:PRU – Get Rating) in the 4th quarter, Holdings Channel.com reports. The fund acquired 820 shares of the financial services provider’s stock, valued at approximately $82,000.

Other hedge funds have also bought and sold shares of the company. Wagner Wealth Management LLC bought a new stake in Prudential Financial during the 2nd quarter valued at about $26,000. Pacific Center for Financial Services bought a new stake in shares of Prudential Financial in the second quarter worth approximately $31,000. Exos TFP Holdings LLC purchased a new stake in Prudential Financial during the 3rd quarter valued at $36,000. Fairfield Bush & CO. bought a new position in Prudential Financial in the first quarter valued at about $36,000. Finally, Tsfg LLC boosted its holdings in shares of Prudential Financial by 45.7% in the third quarter. Tsfg LLC now owns 459 shares of the financial services provider’s stock worth $39,000 after buying an additional 144 shares during the last quarter. Institutional investors own 56.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PRU shares. Piper Sandler reaffirmed a “neutral” rating and set a $106.00 price objective on shares of Prudential Financial in a research report on Wednesday, February 8th. Barclays reduced their target price on Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $110.00 price target on shares of Prudential Financial in a research note on Thursday, February 9th. JPMorgan Chase & Co. lowered their price objective on Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a research note on Wednesday, February 8th. Finally, Raymond James cut shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, November 23rd. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.00.

Insiders Place Their Bets

In other Prudential Financial news, EVP Andrew F. Sullivan sold 4,126 shares of the business’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $99.20, for a total transaction of $409,299.20. Following the sale, the executive vice president now owns 12,241 shares in the company, valued at approximately $1,214,307.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Andrew F. Sullivan sold 11,405 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the completion of the transaction, the executive vice president now owns 12,300 shares of the company’s stock, valued at $1,241,685. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the transaction, the executive vice president now owns 12,241 shares of the company’s stock, valued at $1,214,307.20. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Down 5.1 %

NYSE:PRU traded down $4.17 during mid-day trading on Friday, reaching $78.02. The company’s stock had a trading volume of 16,323,702 shares, compared to its average volume of 2,275,648. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.16. Prudential Financial, Inc. has a 1 year low of $76.90 and a 1 year high of $122.54. The stock has a fifty day moving average of $98.36 and a 200-day moving average of $98.87. The firm has a market capitalization of $28.56 billion, a PE ratio of -19.80, a price-to-earnings-growth ratio of 0.54 and a beta of 1.41.

Prudential Financial (NYSE:PRU – Get Rating) last announced its quarterly earnings results on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.57 by ($0.15). Prudential Financial had a positive return on equity of 13.31% and a negative net margin of 2.33%. The business had revenue of $12.65 billion during the quarter, compared to analysts’ expectations of $12.78 billion. During the same period in the previous year, the company posted $3.18 EPS. Equities research analysts forecast that Prudential Financial, Inc. will post 12.2 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Tuesday, February 21st were given a dividend of $1.25 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 6.41%. The ex-dividend date of this dividend was Friday, February 17th. Prudential Financial’s dividend payout ratio is currently -126.90%.

Prudential Financial announced that its Board of Directors has approved a stock repurchase plan on Tuesday, February 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

About Prudential Financial

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.