Global Assets Advisory LLC Acquires Shares of 36,748 Prudential Financial, Inc. (NYSE:PRU)

Global Assets Advisory LLC acquired a new position in Prudential Financial, Inc. (NYSE:PRU) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 36,748 shares of the financial services provider’s stock, valued at approximately $4,314,000.

Several other institutional investors have also recently made changes to their positions in the business. Cambridge Trust Co. raised its stake in shares of Prudential Financial by 77.2% during the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after buying an additional 105 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $26,000. Headinvest LLC acquired a new position in shares of Prudential Financial in the 3rd quarter valued at $27,000. Arlington Trust Co LLC boosted its holdings in Prudential Financial by 151.6% during the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock worth $32,000 after buying an additional 185 shares in the last quarter. Finally, Pineridge Advisors LLC purchased a new position in Prudential Financial in the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PRU. Piper Sandler dropped their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Evercore ISI increased their target price on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research report on Thursday, April 25th. Jefferies Financial Group raised shares of Prudential Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $121.00 to $143.00 in a report on Wednesday, May 22nd. Morgan Stanley increased their price objective on shares of Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $115.25.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $119.16 on Tuesday. The business’s 50 day moving average price is $115.65 and its 200 day moving average price is $110.52. The company has a market cap of $42.78 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 0.88 and a beta of 1.35. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a one year low of $84.02 and a one year high of $121.39.

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

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend was Monday, May 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

Insider Buying and Selling

In other news, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares in the company, valued at $1,426,472.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was acquired at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares in the company, valued at approximately $1,426,472.88. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Prudential Financial 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.