Beacon Investment Advisory Services Inc. Has $366,000 Stake in Prudential Financial, Inc. (NYSE:PRU)

Beacon Investment Advisory Services Inc. trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,022 shares of the financial services provider’s stock after selling 402 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Prudential Financial were worth $366,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PRU. EverSource Wealth Advisors LLC raised its position in shares of Prudential Financial by 83.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,439 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 656 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Prudential Financial in the second quarter valued at about $82,000. Mather Group LLC. raised its position in shares of Prudential Financial by 67.1% in the second quarter. Mather Group LLC. now owns 1,133 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 455 shares during the period. Lynx Investment Advisory bought a new position in shares of Prudential Financial in the second quarter valued at about $29,000. Finally, Kingswood Wealth Advisors LLC raised its position in shares of Prudential Financial by 24.2% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,745 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 924 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

PRU stock opened at $128.42 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12 month low of $96.87 and a 12 month high of $130.55. The firm has a market cap of $45.72 billion, a P/E ratio of 11.42, a P/E/G ratio of 0.93 and a beta of 1.29. The company’s 50-day moving average price is $124.24 and its two-hundred day moving average price is $120.12.

Prudential Financial (NYSE:PRU) last posted its quarterly 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 company had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period last year, the company posted $3.44 EPS. On average, analysts anticipate that Prudential Financial, Inc. will post 13.35 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.05%. Prudential Financial’s payout ratio is currently 46.22%.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The shares were bought at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRU. Piper Sandler increased 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. Wells Fargo & Company raised their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their price target for the stock from $117.00 to $140.00 in a research report on Thursday, November 14th. UBS Group raised their price target 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. Finally, Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Eleven investment 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.