Strategy Asset Managers LLC Buys New Shares in Prudential Financial, Inc. (NYSE:PRU)

Strategy Asset Managers LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,855 shares of the financial services provider’s stock, valued at approximately $588,000.

Several other hedge funds have also bought and sold shares of PRU. International Assets Investment Management LLC boosted its stake in shares of Prudential Financial by 4,130.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after acquiring an additional 1,267,571 shares during the period. AQR Capital Management LLC lifted 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 last quarter. Swedbank AB acquired a new position in shares of Prudential Financial in the first quarter valued at $35,855,000. Legal & General Group Plc raised its position in shares of 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 valued at $415,134,000 after purchasing an additional 305,143 shares during the period. Finally, Capital Advisors Inc. OK acquired a new stake in shares of Prudential Financial during the 3rd quarter worth about $30,226,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prudential Financial

In other news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the company’s stock in a transaction that occurred 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 transaction, 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 disclosure for this purchase can be found here. 0.34% of the stock is currently owned by corporate insiders.

Prudential Financial Trading Down 0.4 %

Shares of Prudential Financial stock opened at $124.11 on Thursday. The firm has a market capitalization of $44.18 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. 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 firm’s 50 day moving average is $122.86 and its 200 day moving average is $119.56. Prudential Financial, Inc. has a 1 year low of $93.60 and a 1 year high of $129.13.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the prior year, the business earned $3.44 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced 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. This represents a $5.20 annualized dividend and a yield of 4.19%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is presently 46.22%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PRU shares. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and upped their price target for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Wells Fargo & Company lifted their price target on Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler upped their price objective on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. UBS Group boosted their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, Bank of America raised their price target on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and an average target price of $125.69.

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.