Exchange Traded Concepts LLC Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Exchange Traded Concepts LLC acquired a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,084 shares of the financial services provider’s stock, valued at approximately $252,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Creekmur Asset Management LLC boosted its stake in shares of Prudential Financial by 78.8% during the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 108 shares during the period. Lynx Investment Advisory bought a new stake in shares of Prudential Financial in the 2nd quarter valued at about $29,000. Strategic Financial Concepts LLC raised its holdings in shares of 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 valued at $32,000 after purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC bought a new stake in shares of Prudential Financial in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Prudential Financial in the 1st quarter valued at about $34,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Stock Down 0.3 %

PRU stock opened at $127.40 on Monday. The firm’s fifty day simple moving average is $118.85 and its 200-day simple moving average is $117.50. The company has a market capitalization of $45.74 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 0.98 and a beta of 1.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 13.29 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Citigroup boosted their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and a consensus target price of $123.69.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was purchased at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

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.