LMG Wealth Partners LLC Raises Holdings in Prudential Financial, Inc. (NYSE:PRU)

LMG Wealth Partners LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.5% in the fourth quarter, HoldingsChannel reports. The fund owned 72,024 shares of the financial services provider’s stock after purchasing an additional 1,081 shares during the period. Prudential Financial accounts for approximately 1.9% of LMG Wealth Partners LLC’s investment portfolio, making the stock its 14th largest holding. LMG Wealth Partners LLC’s holdings in Prudential Financial were worth $8,537,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Grove Bank & Trust lifted its stake in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares during the period. Ashton Thomas Securities LLC purchased a new position in Prudential Financial in the third quarter valued at $31,000. CGC Financial Services LLC raised its position in shares of Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial during the 4th quarter worth about $33,000. Finally, Quarry LP grew its position 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 during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

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

Prudential Financial Stock Down 0.2 %

PRU stock opened at $111.59 on Thursday. 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 firm has a 50-day moving average of $117.29 and a two-hundred day moving average of $119.65. Prudential Financial, Inc. has a 12 month low of $104.44 and a 12 month high of $130.55. The company has a market cap of $39.95 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 0.99 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS 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, analysts forecast that Prudential Financial, Inc. will post 14.34 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be given a dividend of $1.35 per share. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.84%. Prudential Financial’s payout ratio is presently 72.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRU shares. TD Cowen increased 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. Wells Fargo & Company increased their target price on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group lifted their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler decreased their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Barclays boosted their target price on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $125.69.

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.