SageView Advisory Group LLC Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

SageView Advisory Group LLC raised its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 18.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,939 shares of the financial services provider’s stock after buying an additional 459 shares during the quarter. SageView Advisory Group LLC’s holdings in Prudential Financial were worth $313,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PRU. International Assets Investment Management LLC increased its position in Prudential Financial by 9,281.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after purchasing an additional 1,354,248 shares during the last quarter. Norges Bank bought a new stake in shares of Prudential Financial in the 4th quarter worth about $113,478,000. Dimensional Fund Advisors LP raised its position in shares of Prudential Financial by 10.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after buying an additional 388,363 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Prudential Financial in the third quarter worth about $34,251,000. Finally, abrdn plc increased its stake in Prudential Financial by 37.5% during the fourth quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after acquiring an additional 302,164 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the completion of the sale, the senior vice president now owns 12,236 shares in the company, valued at $1,426,472.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, SVP Timothy L. Schmidt sold 5,189 shares of Prudential Financial stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total value of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Falzon sold 130,092 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the sale, the executive vice president now directly owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRU shares. Jefferies Financial Group raised Prudential Financial from a “hold” rating to a “buy” rating and raised their price objective for the company from $121.00 to $143.00 in a research note on Wednesday, May 22nd. Morgan Stanley lifted their price objective on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Finally, Evercore ISI raised their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $115.25.

Prudential Financial Stock Up 1.0 %

Shares of NYSE:PRU opened at $115.67 on Thursday. The business’s 50 day moving average is $115.16 and its 200 day moving average is $110.03. The stock has a market cap of $41.53 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35. Prudential Financial, Inc. has a 52-week low of $83.34 and a 52-week high of $121.39. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). The firm had revenue of $15.01 billion for the quarter, compared to the consensus estimate of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. Prudential Financial’s quarterly revenue was up 69.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.66 EPS. Sell-side analysts predict that Prudential Financial, Inc. will post 13.41 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were given a $1.30 dividend. The ex-dividend date was Monday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.50%. Prudential Financial’s payout ratio is presently 88.44%.

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.