Prudential Financial, Inc. (NYSE:PRU) Major Shareholder Acquires $14,999,992.08 in Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares in the company, valued at $133,465,780.56. The trade was a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Insurance Co Of Ame Prudential also recently made the following trade(s):

• On Tuesday, October 8th, Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock. The shares were bought at an average price of $27.58 per share, for a total transaction of $7,200,007.22.

Prudential Financial Trading Up 0.3 %

Shares of Prudential Financial stock traded up $0.41 on Wednesday, reaching $129.52. The company had a trading volume of 983,120 shares, compared to its average volume of 1,499,113. The firm has a market cap of $46.11 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 0.91 and a beta of 1.29. The firm’s 50-day moving average price is $123.72 and its two-hundred day moving average price is $119.89. Prudential Financial, Inc. has a 1 year low of $95.10 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $14.57 billion. During the same quarter last year, the business posted $3.44 EPS. As a group, research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a yield of 4.01%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRU. Creekmur Asset Management LLC boosted its position in Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory acquired a new stake in Prudential Financial during the second quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new position in Prudential Financial during the third quarter valued at approximately $31,000. Strategic Financial Concepts LLC boosted its position in Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of 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 currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRU. Wells Fargo & Company upped their target price 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. TD Cowen upped their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday. Bank of America raised their price target on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Morgan Stanley dropped their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Barclays upped their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $125.92.

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.