Pallas Capital Advisors LLC Purchases New Shares in Prudential Financial, Inc. $PRU

Pallas Capital Advisors LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 6,352 shares of the financial services provider’s stock, valued at approximately $686,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jessup Wealth Management Inc purchased a new stake in Prudential Financial in the fourth quarter worth about $25,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Prudential Financial during the 4th quarter worth approximately $26,000. Salomon & Ludwin LLC raised its position in shares of Prudential Financial by 98.3% in the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 114 shares in the last quarter. Basepoint Wealth LLC purchased a new position in shares of Prudential Financial in the 4th quarter valued at approximately $30,000. Finally, Coston McIsaac & Partners lifted its stake in shares of Prudential Financial by 93.4% in the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This represents a 34.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at $197,348,010.75. The trade was a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is owned by corporate insiders.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $122.21 on Thursday. The firm’s 50-day moving average price is $116.12 and its 200-day moving average price is $105.53. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a market cap of $42.16 billion, a PE ratio of 11.07, a PEG ratio of 2.37 and a beta of 0.84. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. During the same period in the previous year, the company earned $3.58 earnings per share. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.17 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a dividend of $1.40 per share. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.6%. Prudential Financial’s payout ratio is currently 50.72%.

Analyst Ratings Changes

PRU has been the topic of several recent research reports. Piper Sandler upped their price target on Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Jefferies Financial Group boosted their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a report on Friday, July 10th. TD Cowen upped their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. Zacks Research upgraded shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Finally, Morgan Stanley reissued an “underweight” rating and set a $92.00 price target (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $108.31.

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.