Insurance Co Of Ame Prudential Acquires 87,047 Shares of Prudential Financial, Inc. (NYSE:PRU) Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the acquisition, the insider now directly owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Prudential Financial Stock Performance

Shares of PRU stock opened at $108.64 on Friday. The company has a market capitalization of $38.89 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.98 and a beta of 1.28. The business’s 50 day moving average is $114.31 and its two-hundred day moving average is $119.38. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. Prudential Financial, Inc. has a 12-month low of $104.45 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.97%. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently made changes to their positions in PRU. Norges Bank purchased a new position in shares of Prudential Financial in the fourth quarter valued at approximately $115,878,000. Northern Trust Corp lifted its position in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock valued at $555,513,000 after acquiring an additional 897,916 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Prudential Financial by 176.8% in the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock valued at $123,804,000 after acquiring an additional 665,180 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $76,303,000. Finally, Marshall Wace LLP increased its holdings in shares of Prudential Financial by 322.9% in the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider’s stock valued at $84,287,000 after purchasing an additional 542,964 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRU shares. Barclays increased their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. TD Cowen increased their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Wells Fargo & Company upped their target price on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Finally, Jefferies Financial Group upped their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus price target of $126.15.

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.