Truist Financial Corp Boosts Holdings in Prudential Financial, Inc. (NYSE:PRU)

Truist Financial Corp grew its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 693,761 shares of the financial services provider’s stock after acquiring an additional 7,105 shares during the quarter. Truist Financial Corp owned about 0.19% of Prudential Financial worth $82,231,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Grove Bank & Trust boosted its holdings in shares of Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Prudential Financial during the 3rd quarter worth approximately $31,000. CGC Financial Services LLC boosted its stake in shares of Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial during the fourth quarter valued at about $33,000. Finally, Quarry LP grew its stake in Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 222 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $111.54 on Tuesday. Prudential Financial, Inc. has a 52-week low of $104.44 and a 52-week high of $130.55. The stock has a market capitalization of $39.71 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.00 and a beta of 1.31. The company has a quick ratio of 0.14, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock’s fifty day simple moving average is $117.87 and its 200 day simple moving average is $119.78.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Wall Street Analysts Forecast Growth

PRU has been the subject of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company cut their target price on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 14th. TD Cowen increased their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Jefferies Financial Group lifted their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Barclays raised their target price on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and a consensus price target of $125.46.

Insider Activity at Prudential Financial

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