SteelPeak Wealth LLC Buys Shares of 8,341 Prudential Financial, Inc. $PRU

SteelPeak Wealth LLC bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the third quarter, HoldingsChannel.com reports. The firm bought 8,341 shares of the financial services provider’s stock, valued at approximately $865,000.

Several other institutional investors have also modified their holdings of the business. Hudson Capital Management LLC grew its position in shares of Prudential Financial by 5.0% in the 3rd quarter. Hudson Capital Management LLC now owns 42,977 shares of the financial services provider’s stock valued at $4,458,000 after purchasing an additional 2,038 shares during the period. Generali Asset Management SPA SGR lifted its stake in Prudential Financial by 22.6% in the third quarter. Generali Asset Management SPA SGR now owns 34,077 shares of the financial services provider’s stock valued at $3,535,000 after buying an additional 6,279 shares in the last quarter. Edmp Inc. acquired a new position in shares of Prudential Financial in the third quarter valued at approximately $446,000. RB Capital Management LLC increased its position in shares of Prudential Financial by 16.2% during the third quarter. RB Capital Management LLC now owns 2,347 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 327 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. raised its holdings in shares of Prudential Financial by 1.1% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 115,860 shares of the financial services provider’s stock worth $12,019,000 after acquiring an additional 1,306 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Up 0.8%

Prudential Financial stock opened at $113.84 on Friday. The company’s 50-day moving average price is $109.46 and its two-hundred day moving average price is $106.45. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The stock has a market cap of $39.84 billion, a P/E ratio of 15.64, a P/E/G ratio of 0.90 and a beta of 0.97. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $123.88.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The company had revenue of $8.35 billion during the quarter. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%. As a group, analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s dividend payout ratio is currently 74.18%.

Insiders Place Their Bets

In other news, SVP Timothy L. Schmidt sold 8,000 shares of Prudential Financial stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $107.69, for a total transaction of $861,520.00. Following the completion of the sale, the senior vice president owned 11,535 shares of the company’s stock, valued at approximately $1,242,204.15. This trade represents a 40.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 6,555 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $116.28, for a total transaction of $762,215.40. Following the completion of the sale, the executive vice president directly owned 22,523 shares of the company’s stock, valued at approximately $2,618,974.44. The trade was a 22.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 62,719 shares of company stock worth $6,796,067 in the last 90 days. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research reports. Barclays lowered their target price on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Piper Sandler upped their target price on shares of Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Prudential Financial in a report on Monday, December 29th. Morgan Stanley upped their price objective on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Wolfe Research assumed coverage on Prudential Financial in a research report on Tuesday, September 16th. They issued a “peer perform” rating for the company. Eleven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Reduce” and a consensus target price of $118.00.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.