Prudential Financial, Inc. (NYSE:PRU) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Prudential Financial, Inc. (NYSE:PRU) by 1.1% during the 3rd quarter, Holdings Channel reports. The firm owned 116,069 shares of the financial services provider’s stock after acquiring an additional 1,286 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Prudential Financial were worth $14,056,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Prudential Financial in the 1st quarter valued at approximately $77,000. LRI Investments LLC acquired a new stake in shares of Prudential Financial during the first quarter valued at $58,000. Price T Rowe Associates Inc. MD increased its position in Prudential Financial by 0.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 498,247 shares of the financial services provider’s stock worth $58,495,000 after purchasing an additional 2,001 shares in the last quarter. Paloma Partners Management Co lifted its holdings in Prudential Financial by 580.8% in the 1st quarter. Paloma Partners Management Co now owns 31,247 shares of the financial services provider’s stock valued at $3,668,000 after purchasing an additional 26,657 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Prudential Financial during the 1st quarter worth about $247,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRU. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Piper Sandler raised their price objective on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Morgan Stanley dropped their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, TD Cowen started coverage on shares of Prudential Financial in a report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price objective on the stock. Eleven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $125.69.

Prudential Financial Stock Performance

Shares of PRU stock opened at $127.92 on Friday. The company’s fifty day simple moving average is $123.30 and its 200-day simple moving average is $119.70. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52 week low of $94.92 and a 52 week high of $129.13. The company has a market cap of $45.54 billion, a PE ratio of 11.37, a P/E/G ratio of 0.89 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter in the prior year, the business earned $3.44 earnings per share. As a group, equities research analysts anticipate that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.07%. Prudential Financial’s payout ratio is currently 46.22%.

Insider Activity

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 9.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

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.