Park Place Capital Corp Acquires 7,478 Shares of Prudential Financial, Inc. $PRU

Park Place Capital Corp increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 413.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,286 shares of the financial services provider’s stock after purchasing an additional 7,478 shares during the period. Park Place Capital Corp’s holdings in Prudential Financial were worth $1,002,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PRU. Keating Financial Advisory Services Inc. boosted its holdings in shares of Prudential Financial by 34.8% in the second quarter. Keating Financial Advisory Services Inc. now owns 395 shares of the financial services provider’s stock worth $43,000 after buying an additional 102 shares during the last quarter. Rossby Financial LCC increased its holdings in Prudential Financial by 32.4% in the 4th quarter. Rossby Financial LCC now owns 421 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 103 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in Prudential Financial by 5.6% during the fourth quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider’s stock valued at $223,000 after buying an additional 104 shares during the last quarter. Western Wealth Management LLC increased its position in Prudential Financial by 1.7% in the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider’s stock worth $702,000 after purchasing an additional 105 shares during the last quarter. Finally, Apella Capital LLC raised its position in shares of Prudential Financial by 3.7% during the 1st quarter. Apella Capital LLC now owns 2,979 shares of the financial services provider’s stock valued at $303,000 after buying an additional 106 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of Prudential Financial stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president owned 14,407 shares of the company’s stock, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Wells Fargo & Company raised their target price on shares of Prudential Financial from $103.00 to $110.00 and gave the company an “underweight” rating in a research report on Wednesday, August 19th. Morgan Stanley boosted their target price on shares of Prudential Financial from $92.00 to $105.00 and gave the stock an “underweight” rating in a report on Monday. Piper Sandler raised their price target on Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. lifted their price target on Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a research report on Monday, August 17th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $109.31.

Prudential Financial Stock Performance

Shares of PRU stock opened at $122.67 on Tuesday. The stock has a market cap of $42.32 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 2.29 and a beta of 0.84. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The business has a 50-day simple moving average of $116.93 and a 200-day simple moving average of $105.78. 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 announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. During the same period in the previous year, the company posted $3.58 earnings per share. On average, equities analysts expect that Prudential Financial, Inc. will post 14.24 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial’s dividend payout ratio (DPR) is 50.72%.

About Prudential Financial

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.