Parallel Advisors LLC Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Parallel Advisors LLC grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 35.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,279 shares of the financial services provider’s stock after buying an additional 1,372 shares during the period. Parallel Advisors LLC’s holdings in Prudential Financial were worth $619,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in PRU. Vanguard Group Inc. increased its position in Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares in the last quarter. Norges Bank purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $113,478,000. Swedbank AB acquired a new position in shares of Prudential Financial in the first quarter valued at approximately $35,855,000. Schroder Investment Management Group lifted its stake in shares of Prudential Financial by 387.6% during the fourth quarter. Schroder Investment Management Group now owns 332,421 shares of the financial services provider’s stock valued at $34,475,000 after buying an additional 264,247 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Prudential Financial in the 4th quarter worth approximately $18,568,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the purchase, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRU. Barclays initiated coverage on Prudential Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price objective for the company. Jefferies Financial Group cut their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Morgan Stanley lowered their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. UBS Group increased their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eleven have assigned 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $120.83.

Prudential Financial Price Performance

PRU opened at $117.74 on Tuesday. The stock has a fifty day moving average price of $117.90 and a 200 day moving average price of $116.06. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The stock has a market cap of $42.03 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results 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). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Analysts forecast that Prudential Financial, Inc. will post 13.31 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

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.