Jacobi Capital Management LLC Increases Position in Prudential Financial, Inc. $PRU

Jacobi Capital Management LLC increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 4.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,409 shares of the financial services provider’s stock after acquiring an additional 449 shares during the period. Jacobi Capital Management LLC’s holdings in Prudential Financial were worth $1,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 111 shares in the last quarter. AlphaQuest LLC grew its position in Prudential Financial by 12,250.0% in the first quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. North Capital Inc. purchased a new position in Prudential Financial in the first quarter worth $28,000. Cheviot Value Management LLC purchased a new position in Prudential Financial in the first quarter worth $26,000. Finally, Clearstead Trust LLC grew its position in Prudential Financial by 350.8% in the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares of the company’s stock, valued at $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider owned 3,168,461 shares of the company’s stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PRU has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Morgan Stanley boosted their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, August 18th. Barclays boosted their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 17th. Wall Street Zen raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Piper Sandler lowered their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $122.08.

Prudential Financial Stock Performance

Shares of NYSE:PRU opened at $107.04 on Friday. The company has a market cap of $37.68 billion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 0.94 and a beta of 1.07. The company has a 50-day moving average price of $105.67 and a 200-day moving average price of $105.56. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.22 by $0.36. The firm had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.39 earnings per share. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is presently 119.73%.

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.