Prudential Financial (NYSE:PRU) Sets New 12-Month High After Dividend Announcement

Prudential Financial, Inc. (NYSE:PRU) shares reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $128.75 and last traded at $128.02, with a volume of 430098 shares changing hands. The stock had previously closed at $120.18.

The newly announced dividend which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.07%. Prudential Financial’s dividend payout ratio is currently 46.22%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays upped their price target on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. UBS Group boosted their price objective on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Piper Sandler raised their price target on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Bank of America boosted their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.85.

Prudential Financial Stock Performance

The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $45.43 billion, a P/E ratio of 10.68, a P/E/G ratio of 0.86 and a beta of 1.29. The company’s fifty day moving average is $121.20 and its 200 day moving average is $118.55.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the firm posted $3.44 EPS. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 13.32 earnings per share for the current year.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company’s stock in a transaction on 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 owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction on Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, for a total transaction 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 trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of Prudential Financial

Several institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC grew its holdings in shares of Prudential Financial by 4,130.8% in the third quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock valued at $157,219,000 after acquiring an additional 1,267,571 shares in the last quarter. AQR Capital Management LLC increased its holdings in Prudential Financial by 97.4% during the 2nd quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock valued at $84,874,000 after purchasing an additional 357,300 shares during the period. Swedbank AB purchased a new stake in Prudential Financial in the first quarter worth $35,855,000. Legal & General Group Plc raised its holdings in Prudential Financial by 9.4% in the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after buying an additional 305,143 shares during the last quarter. Finally, Capital Advisors Inc. OK purchased a new stake in Prudential Financial during the 3rd quarter valued at $30,226,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Company 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.