Alpine Bank Wealth Management Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Alpine Bank Wealth Management purchased a new position in Prudential Financial, Inc. (NYSE:PRU) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 585 shares of the financial services provider’s stock, valued at approximately $65,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial during the 1st quarter worth approximately $30,000. Hopwood Financial Services Inc. bought a new position in shares of Prudential Financial during the fourth quarter valued at $34,000. Lee Danner & Bass Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at $35,000. TCTC Holdings LLC bought a new stake in shares of Prudential Financial in the 4th quarter worth about $37,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial during the 4th quarter worth about $38,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 0.6%

PRU opened at $105.63 on Thursday. The firm has a 50 day simple moving average of $103.79 and a 200 day simple moving average of $109.89. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company has a market cap of $37.39 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 1.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating the consensus estimate of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The company had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter in the previous year, the company posted $3.12 EPS. The business’s revenue for the quarter was down 38.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.11%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s payout ratio is 85.58%.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business’s stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the acquisition, the insider now owns 3,168,461 shares in the company, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PRU shares. UBS Group decreased their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Piper Sandler decreased their price target on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Morgan Stanley lifted their price objective on Prudential Financial from $108.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, May 19th. Wells Fargo & Company increased their target price on Prudential Financial from $108.00 to $113.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. Finally, Barclays lowered their target price on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $120.15.

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.