ABC Arbitrage SA Takes $1.19 Million Position in Prudential Financial, Inc. (NYSE:PRU)

ABC Arbitrage SA purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,060 shares of the financial services provider’s stock, valued at approximately $1,192,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Grove Bank & Trust boosted its holdings in shares of Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Prudential Financial during the 3rd quarter valued at $31,000. CGC Financial Services LLC boosted its holdings in shares of Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial during the 4th quarter valued at $33,000. Finally, Quarry LP boosted its holdings in shares of Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 222 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 0.3 %

Shares of NYSE:PRU opened at $111.54 on Friday. The company has a market capitalization of $39.71 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.00 and a beta of 1.31. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.14. The business’s 50-day moving average is $117.87 and its 200-day moving average is $119.86. Prudential Financial, Inc. has a 1 year low of $104.44 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Equities research analysts predict that Prudential Financial, Inc. will post 14.38 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.84%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date is Tuesday, February 18th. Prudential Financial’s payout ratio is presently 69.61%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and raised their price objective for the company from $117.00 to $140.00 in a report on Thursday, November 14th. TD Cowen lifted their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Barclays lifted their target price on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Jefferies Financial Group lifted their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Wells Fargo & Company cut their target price on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $125.46.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Prudential Financial Profile

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.