Tower Bridge Advisors Buys 1,050 Shares of Prudential Financial, Inc. (NYSE:PRU)

Tower Bridge Advisors lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 14.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,542 shares of the financial services provider’s stock after buying an additional 1,050 shares during the quarter. Tower Bridge Advisors’ holdings in Prudential Financial were worth $1,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Creekmur Asset Management LLC raised its stake in shares of Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after buying an additional 108 shares during the period. Lynx Investment Advisory bought a new stake in Prudential Financial during the 2nd quarter valued at approximately $29,000. Ashton Thomas Securities LLC bought a new stake in Prudential Financial during the 3rd quarter valued at approximately $31,000. Crewe Advisors LLC bought a new stake in Prudential Financial during the 1st quarter valued at approximately $33,000. Finally, Bank & Trust Co bought a new stake in Prudential Financial during the 2nd quarter valued at approximately $37,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $127.41 on Friday. The stock has a market cap of $45.36 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a 50 day moving average price of $122.20 and a 200-day moving average price of $119.28. Prudential Financial, Inc. has a one year low of $93.32 and a one year high of $129.13.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The firm had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter in the previous year, the business earned $3.44 EPS. Equities analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is 46.22%.

Wall Street Analysts Forecast Growth

PRU has been the topic of several recent analyst reports. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and lifted their target price for the company from $117.00 to $140.00 in a research note on Thursday. Bank of America lifted their target price on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Barclays lifted their target price on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Finally, Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $125.69.

Insider Activity at Prudential Financial

In related news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The trade was a 9.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now 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. 0.31% of the stock is owned by company insiders.

About Prudential Financial

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.