48,313 Shares in Prudential Financial, Inc. $PRU Acquired by Jupiter Topco LLC

Jupiter Topco LLC bought a new stake in Prudential Financial, Inc. (NYSE:PRU) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,313 shares of the financial services provider’s stock, valued at approximately $5,212,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jessup Wealth Management Inc purchased a new position in Prudential Financial during the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Prudential Financial during the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. boosted its holdings in shares of Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 134 shares during the period. Coston McIsaac & Partners grew its position in Prudential Financial by 93.4% during the fourth quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 128 shares in the last quarter. Finally, Basepoint Wealth LLC acquired a new position in Prudential Financial in the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 1.7%

Shares of PRU stock opened at $117.75 on Tuesday. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $127.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a fifty day moving average price of $118.14 and a 200 day moving average price of $106.40. The stock has a market cap of $40.62 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data 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. The company had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter in the prior year, the company posted $3.58 EPS. Analysts predict that Prudential Financial, Inc. will post 14.51 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial’s dividend payout ratio is 50.72%.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann M. Kappler sold 7,652 shares of Prudential Financial stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRU. Piper Sandler lifted their target price on shares of Prudential Financial from $110.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Zacks Research upgraded Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. TD Cowen lifted their price objective on Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their target price on Prudential Financial from $113.00 to $123.00 and gave the stock a “market perform” rating in a research 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 company a “neutral” rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $109.31.

Prudential Financial 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.