Belpointe Asset Management LLC Grows Stock Holdings in Prudential Financial, Inc. $PRU

Belpointe Asset Management LLC boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 4.5% in the second quarter, Holdings Channel reports. The institutional investor owned 9,750 shares of the financial services provider’s stock after acquiring an additional 417 shares during the quarter. Belpointe Asset Management LLC’s holdings in Prudential Financial were worth $1,048,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Prudential Financial by 3.7% during the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 133 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its position in shares of Prudential Financial by 5.1% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 5,334 shares of the financial services provider’s stock valued at $596,000 after purchasing an additional 258 shares in the last quarter. OLD National Bancorp IN grew its position in shares of Prudential Financial by 2.1% during the 1st quarter. OLD National Bancorp IN now owns 6,984 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 144 shares in the last quarter. Park Avenue Securities LLC grew its position in shares of Prudential Financial by 14.1% during the 1st quarter. Park Avenue Securities LLC now owns 13,857 shares of the financial services provider’s stock valued at $1,548,000 after purchasing an additional 1,714 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Prudential Financial by 17.1% during the 1st quarter. Farther Finance Advisors LLC now owns 12,141 shares of the financial services provider’s stock valued at $1,356,000 after purchasing an additional 1,769 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PRU shares. Weiss Ratings restated a “hold (c)” rating on shares of Prudential Financial in a research report on Saturday, September 27th. Barclays boosted their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, July 17th. Wolfe Research initiated coverage on shares of Prudential Financial in a research report on Tuesday, September 16th. They set a “peer perform” rating for the company. Piper Sandler cut their target price on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $122.17.

Prudential Financial Trading Up 0.4%

NYSE PRU opened at $103.68 on Wednesday. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $105.18 and a 200-day moving average of $104.74. The firm has a market cap of $36.49 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 0.91 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The company had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. During the same quarter in the previous year, the company posted $3.39 EPS. Prudential Financial’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast 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, September 11th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is 119.73%.

Insider Activity at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction 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 approximately $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% 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.