State of Tennessee Department of Treasury Has $18.80 Million Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

State of Tennessee Department of Treasury boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 12.7% in the 4th quarter, HoldingsChannel reports. The firm owned 158,610 shares of the financial services provider’s stock after buying an additional 17,812 shares during the period. State of Tennessee Department of Treasury’s holdings in Prudential Financial were worth $18,800,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust raised its stake in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Prudential Financial in the 4th quarter valued at $29,000. CGC Financial Services LLC boosted its stake in 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 purchasing an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. bought a new stake in shares of Prudential Financial during the fourth quarter worth $33,000. Finally, Hopwood Financial Services Inc. acquired a new stake in shares of Prudential Financial in the fourth quarter valued at $34,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 3.4 %

Prudential Financial stock opened at $100.16 on Wednesday. The firm has a market capitalization of $35.50 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 0.98 and a beta of 1.11. The company’s 50 day simple moving average is $107.17 and its 200 day simple moving average is $116.56. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (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, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.39%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 72.29%.

Insider Activity at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the stock in a transaction on Tuesday, March 25th. The shares were purchased at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their position. The disclosure for this purchase can be found here. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wells Fargo & Company decreased their price objective on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating on the stock in a report on Thursday, April 10th. Keefe, Bruyette & Woods decreased their price target on shares of Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler reduced their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Finally, BMO Capital Markets assumed coverage on Prudential Financial in a research note on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $121.85.

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.