Ignite Planners LLC Has $973,000 Position in Prudential Financial, Inc. $PRU

Ignite Planners LLC grew its position in Prudential Financial, Inc. (NYSE:PRU) by 263.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,757 shares of the financial services provider’s stock after purchasing an additional 6,349 shares during the period. Ignite Planners LLC’s holdings in Prudential Financial were worth $973,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Axxcess Wealth Management LLC raised its holdings in Prudential Financial by 393.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 44,849 shares of the financial services provider’s stock worth $5,062,000 after purchasing an additional 35,759 shares during the period. Global Retirement Partners LLC raised its holdings in Prudential Financial by 71.7% in the fourth quarter. Global Retirement Partners LLC now owns 10,304 shares of the financial services provider’s stock worth $1,163,000 after purchasing an additional 4,302 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new stake in Prudential Financial in the fourth quarter worth $265,000. Mach 1 Financial Group LLC acquired a new stake in Prudential Financial in the fourth quarter worth $376,000. Finally, Leonteq Securities AG acquired a new stake in Prudential Financial in the fourth quarter worth $341,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRU. Jefferies Financial Group lowered shares of Prudential Financial from a “buy” rating to a “hold” rating and cut their target price for the stock from $124.00 to $98.00 in a report on Wednesday, April 22nd. UBS Group cut their target price on shares of Prudential Financial from $105.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Bank of America cut their target price on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Mizuho increased their price objective on shares of Prudential Financial from $96.00 to $101.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a research report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $101.50.

Prudential Financial Stock Down 0.1%

Shares of PRU stock opened at $104.12 on Friday. The firm has a fifty day moving average of $97.80 and a 200-day moving average of $104.58. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $119.76. The company has a market capitalization of $36.13 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 1.90 and a beta of 0.86.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The company had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same quarter in the prior year, the firm earned $3.29 earnings per share. As a group, equities research analysts predict that Prudential Financial, Inc. will post 13.8 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Tuesday, May 26th will be given a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a yield of 5.4%. Prudential Financial’s dividend payout ratio (DPR) is 57.61%.

Prudential Financial Company 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.