Weiss Asset Management LP Makes New Investment in Prudential Financial, Inc. (NYSE:PRU)

Weiss Asset Management LP purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 67,657 shares of the financial services provider’s stock, valued at approximately $8,193,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mather Group LLC. grew its stake in shares of Prudential Financial by 67.1% during the second quarter. Mather Group LLC. now owns 1,133 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 455 shares during the last quarter. Park Avenue Securities LLC raised its holdings in Prudential Financial by 1.4% in the 2nd quarter. Park Avenue Securities LLC now owns 7,424 shares of the financial services provider’s stock worth $870,000 after purchasing an additional 103 shares during the period. CWM LLC boosted its position in Prudential Financial by 13.3% during the second quarter. CWM LLC now owns 13,036 shares of the financial services provider’s stock worth $1,528,000 after purchasing an additional 1,527 shares in the last quarter. OLD National Bancorp IN grew its holdings in Prudential Financial by 1.7% in the second quarter. OLD National Bancorp IN now owns 5,941 shares of the financial services provider’s stock valued at $696,000 after purchasing an additional 98 shares during the period. Finally, Capital Investment Advisors LLC raised its stake in shares of Prudential Financial by 36.8% during the 2nd quarter. Capital Investment Advisors LLC now owns 3,393 shares of the financial services provider’s stock worth $398,000 after buying an additional 913 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Up 1.1 %

PRU stock opened at $127.31 on Friday. The firm has a market cap of $45.32 billion, a PE ratio of 11.32, a PEG ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a one year low of $97.76 and a one year high of $130.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s 50 day moving average price is $124.80 and its 200-day moving average price is $120.31.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the prior year, the business posted $3.44 EPS. On average, equities research analysts anticipate that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were bought at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.31% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. Wells Fargo & Company raised their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Morgan Stanley lowered their price target on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group boosted their price target on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $125.92.

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.