Agate Pass Investment Management LLC Makes New Investment in Prudential Financial, Inc. (NYSE:PRU)

Agate Pass Investment Management LLC bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,730 shares of the financial services provider’s stock, valued at approximately $798,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRU. Ashton Thomas Private Wealth LLC bought a new stake in shares of Prudential Financial during the 2nd quarter valued at $65,000. LPL Financial LLC lifted its position in Prudential Financial by 2.7% during the second quarter. LPL Financial LLC now owns 486,064 shares of the financial services provider’s stock worth $56,962,000 after purchasing an additional 12,718 shares during the period. American Century Companies Inc. grew its stake in Prudential Financial by 1.7% during the second quarter. American Century Companies Inc. now owns 574,756 shares of the financial services provider’s stock worth $67,356,000 after buying an additional 9,735 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Prudential Financial by 0.5% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 33,281 shares of the financial services provider’s stock valued at $3,900,000 after buying an additional 164 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Prudential Financial by 8.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 123,494 shares of the financial services provider’s stock worth $14,434,000 after acquiring an additional 9,152 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Trading Up 0.6 %

Shares of PRU traded up $0.74 during mid-day trading on Monday, reaching $115.27. 305,850 shares of the company were exchanged, compared to its average volume of 1,180,957. The stock has a market capitalization of $41.04 billion, a PE ratio of 10.25, a PEG ratio of 0.87 and a beta of 1.31. The business has a 50 day simple moving average of $122.52 and a two-hundred day simple moving average of $120.67. 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 $100.60 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data 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. The company had revenue of $19.48 billion for 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 in the prior year, the firm posted $3.44 EPS. On average, analysts predict that Prudential Financial, Inc. will post 13.35 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were paid a dividend of $1.30 per share. The ex-dividend date was Tuesday, November 19th. This represents a $5.20 annualized dividend and a yield of 4.51%. Prudential Financial’s dividend payout ratio is currently 46.22%.

Analysts Set New Price Targets

Several brokerages have commented on PRU. Piper Sandler boosted their price objective 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. Barclays boosted their price target on Prudential Financial from $119.00 to $129.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and increased their target price for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Finally, Wells Fargo & Company lifted their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. 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 data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $127.17.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now directly owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by corporate insiders.

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.