Lee Danner & Bass Inc. Purchases New Position in Prudential Financial, Inc. (NYSE:PRU)

Lee Danner & Bass Inc. purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 294 shares of the financial services provider’s stock, valued at approximately $35,000.

A number of other hedge funds also recently bought and sold shares of PRU. Commerce Bank increased its holdings in Prudential Financial by 7.1% during the 3rd quarter. Commerce Bank now owns 16,770 shares of the financial services provider’s stock valued at $2,031,000 after purchasing an additional 1,114 shares during the period. Pacer Advisors Inc. increased its holdings in Prudential Financial by 133.8% during the 3rd quarter. Pacer Advisors Inc. now owns 60,713 shares of the financial services provider’s stock valued at $7,352,000 after purchasing an additional 34,749 shares during the period. Meridian Wealth Management LLC purchased a new position in Prudential Financial during the 3rd quarter valued at about $280,000. Great Valley Advisor Group Inc. grew its holdings in shares of Prudential Financial by 7.8% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 7,766 shares of the financial services provider’s stock worth $940,000 after acquiring an additional 559 shares during the period. Finally, Cerity Partners LLC grew its holdings in shares of Prudential Financial by 4.0% during the 3rd quarter. Cerity Partners LLC now owns 130,778 shares of the financial services provider’s stock worth $15,837,000 after acquiring an additional 5,011 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

PRU stock opened at $110.35 on Monday. The stock has a market capitalization of $39.51 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 12-month low of $104.45 and a 12-month high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock’s 50 day simple moving average is $113.57 and its 200 day simple moving average is $119.03.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.89%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Barclays upped 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 upped 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, TD Cowen boosted their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $126.15.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the purchase, the insider now directly owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. This trade represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company 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.