IHT Wealth Management LLC Raises Stake in Prudential Financial, Inc. (NYSE:PRU)

IHT Wealth Management LLC boosted its position in Prudential Financial, Inc. (NYSE:PRU) by 11.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,389 shares of the financial services provider’s stock after purchasing an additional 868 shares during the quarter. IHT Wealth Management LLC’s holdings in Prudential Financial were worth $1,014,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its holdings in Prudential Financial by 7.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock valued at $2,176,000 after acquiring an additional 1,234 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Prudential Financial by 4.3% in 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 purchasing an additional 6,641 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of Prudential Financial in the second quarter valued at approximately $156,000. PGGM Investments boosted its stake in shares of Prudential Financial by 98.0% in the second quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock valued at $7,533,000 after buying an additional 31,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Prudential Financial by 1.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock worth $370,327,000 after purchasing an additional 47,561 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PRU shares. Bank of America boosted their price target on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Wells Fargo & Company raised their price objective on Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays lifted their target price on Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley decreased their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $125.92.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $126.56 on Friday. The firm has a market cap of $45.06 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. Prudential Financial, Inc. has a 52 week low of $98.24 and a 52 week high of $130.55. The firm’s fifty day moving average is $124.80 and its 200-day moving average is $120.31.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share 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 firm had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the previous year, the company earned $3.44 earnings per share. Sell-side analysts predict that Prudential Financial, Inc. will post 13.35 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.11%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is currently 46.22%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the stock in a transaction on Tuesday, October 8th. The stock was acquired at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 6.61 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.31% 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.