Prudential Financial, Inc. (NYSE:PRU) Stock Position Increased by Avestar Capital LLC

Avestar Capital LLC boosted its position in Prudential Financial, Inc. (NYSE:PRU) by 19.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,217 shares of the financial services provider’s stock after purchasing an additional 357 shares during the quarter. Avestar Capital LLC’s holdings in Prudential Financial were worth $268,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its stake in Prudential Financial by 4.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 162,685 shares of the financial services provider’s stock valued at $19,701,000 after buying an additional 6,641 shares during the period. ORG Partners LLC acquired a new position in shares of Prudential Financial in the 2nd quarter worth approximately $156,000. PGGM Investments grew its stake in shares of Prudential Financial by 98.0% in the 2nd quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock worth $7,533,000 after purchasing an additional 31,807 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Prudential Financial by 49.5% in the 1st quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock worth $9,409,000 after purchasing an additional 26,520 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C acquired a new position in shares of Prudential Financial in the 2nd quarter worth approximately $530,000. 56.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PRU has been the topic of several recent research reports. Piper Sandler lifted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their target price for the stock from $117.00 to $140.00 in a research report on Thursday, November 14th. UBS Group lifted their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $125.92.

Prudential Financial Price Performance

NYSE PRU opened at $129.52 on Thursday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $46.11 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a 50 day moving average price of $123.93 and a two-hundred day moving average price of $119.96. Prudential Financial, Inc. has a 12-month low of $95.10 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. During the same quarter last year, the firm posted $3.44 earnings per share. As a group, equities analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly 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 4.01%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is 46.22%.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the transaction, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. The trade was a 12.66 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Prudential Financial 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.