Prudential Financial (NYSE:PRU) Major Shareholder Acquires $34,985,598.93 in Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the firm’s stock in a transaction on Friday, January 23rd. The shares were acquired at an average cost of $24.87 per share, for a total transaction of $34,985,598.93. Following the completion of the purchase, the insider directly owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. This represents a 22.32% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Prudential Financial Stock Down 1.4%

Shares of NYSE PRU traded down $1.56 on Tuesday, reaching $107.42. 2,310,870 shares of the company’s stock traded hands, compared to its average volume of 1,786,537. The business’s 50 day simple moving average is $112.39 and its two-hundred day simple moving average is $107.25. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $123.88. The company has a market cap of $37.60 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 0.92 and a beta of 0.97.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share for the quarter, beating the consensus estimate of $3.72 by $0.54. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The company had revenue of $17.89 billion for the quarter, compared to the consensus estimate of $13.77 billion. During the same period in the previous year, the business earned $3.48 earnings per share. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Tuesday, November 18th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.0%. The ex-dividend date was Tuesday, November 18th. Prudential Financial’s payout ratio is 74.18%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PRU shares. Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Evercore ISI increased their price objective on shares of Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research note on Thursday, October 30th. Wells Fargo & Company lifted their price target on Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Piper Sandler upped their price target on Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, December 23rd. Finally, Mizuho began coverage on shares of Prudential Financial in a research report on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 target price for the company. One research analyst has rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $120.78.

Institutional Trading of Prudential Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Lodestone Wealth Management LLC purchased a new stake in shares of Prudential Financial in the fourth quarter worth $28,000. Wealth Watch Advisors INC bought a new stake in shares of Prudential Financial in the third quarter valued at about $30,000. Chilton Capital Management LLC lifted its holdings in shares of Prudential Financial by 146.5% during the 3rd quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Darwin Wealth Management LLC acquired a new position in shares of Prudential Financial in the 2nd quarter valued at $36,000. Finally, AlphaCore Capital LLC acquired a new stake in shares of Prudential Financial in the second quarter worth $39,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.