Brookstone Capital Management Has $10.24 Million Stake in Prudential Financial, Inc. (NYSE:PRU)

Brookstone Capital Management increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1,635.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,201 shares of the financial services provider’s stock after buying an additional 82,175 shares during the quarter. Brookstone Capital Management’s holdings in Prudential Financial were worth $10,237,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Prudential Financial by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after purchasing an additional 5,154,865 shares in the last quarter. Morgan Stanley raised its position in shares of Prudential Financial by 0.9% in the 3rd quarter. Morgan Stanley now owns 6,317,338 shares of the financial services provider’s stock valued at $599,452,000 after buying an additional 57,531 shares in the last quarter. Dimensional Fund Advisors LP boosted 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 worth $414,926,000 after acquiring an additional 388,363 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Prudential Financial by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,346,612 shares of the financial services provider’s stock valued at $243,367,000 after acquiring an additional 72,696 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Prudential Financial by 9,281.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after purchasing an additional 1,354,248 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the stock in a transaction on Thursday, June 20th. The stock was acquired at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Falzon sold 130,092 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares in the company, valued at $23,960,981.31. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

PRU has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Morgan Stanley lifted their target price on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Piper Sandler dropped their target price on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Evercore ISI lifted their price target on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company increased their price objective 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $115.25.

Prudential Financial Stock Performance

NYSE PRU opened at $117.33 on Friday. The company has a market capitalization of $42.12 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 0.88 and a beta of 1.35. 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, Inc. has a twelve month low of $85.51 and a twelve month high of $121.39. The stock has a fifty day simple moving average of $116.08 and a 200 day simple moving average of $110.70.

Prudential Financial (NYSE:PRU) last issued 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). The company had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company’s quarterly revenue was up 69.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.66 EPS. Sell-side analysts expect that Prudential Financial, Inc. will post 13.41 EPS for the current year.

Prudential Financial Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 4.43%. Prudential Financial’s dividend payout ratio (DPR) is currently 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.