Handelsbanken Fonder AB Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Handelsbanken Fonder AB lifted its position in Prudential Financial, Inc. (NYSE:PRU) by 9.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,750 shares of the financial services provider’s stock after buying an additional 5,947 shares during the quarter. Handelsbanken Fonder AB’s holdings in Prudential Financial were worth $7,793,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Grove Bank & Trust raised its holdings in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after buying an additional 87 shares during the period. Ashton Thomas Securities LLC purchased a new stake in shares of Prudential Financial in the 3rd quarter valued at $31,000. CGC Financial Services LLC raised its holdings in shares of Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after buying an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial in the 4th quarter valued at $33,000. Finally, Quarry LP raised its holdings in shares of Prudential Financial by 376.3% in 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 during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 1.5 %

NYSE:PRU opened at $109.45 on Friday. The stock has a 50-day simple moving average of $116.88 and a 200-day simple moving average of $119.71. The stock has a market cap of $39.18 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.98 and a beta of 1.31. Prudential Financial, Inc. has a 1 year low of $104.44 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a $1.35 dividend. The ex-dividend date is Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.93%. Prudential Financial’s dividend payout ratio is 72.29%.

Analyst Upgrades and Downgrades

PRU has been the topic of several research analyst reports. BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective on the stock. TD Cowen boosted their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Jefferies Financial Group boosted their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler lowered their target price on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $125.69.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares in the company, valued at $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

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.