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
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
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.
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