State of Alaska Department of Revenue Increases Stock Position in Prudential Financial, Inc. (NYSE:PRU)

State of Alaska Department of Revenue increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 41,470 shares of the financial services provider’s stock after purchasing an additional 875 shares during the quarter. State of Alaska Department of Revenue’s holdings in Prudential Financial were worth $4,631,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PRU. HBK Sorce Advisory LLC increased its stake in shares of Prudential Financial by 1.0% in the fourth quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock worth $1,116,000 after buying an additional 91 shares during the period. Altman Advisors Inc. increased its position in shares of Prudential Financial by 0.6% in the fourth quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider’s stock valued at $1,907,000 after acquiring an additional 94 shares during the period. Brown Brothers Harriman & Co. raised its stake in shares of Prudential Financial by 7.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,506 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 98 shares during the last quarter. SPC Financial Inc. boosted its holdings in shares of Prudential Financial by 2.7% during the fourth quarter. SPC Financial Inc. now owns 3,873 shares of the financial services provider’s stock worth $459,000 after purchasing an additional 100 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its stake in shares of Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 101 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on PRU shares. Keefe, Bruyette & Woods decreased their target price on Prudential Financial from $120.00 to $117.00 and set a “market perform” rating for the company in a report on Wednesday, May 7th. Wall Street Zen raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a report on Monday, June 16th. Barclays dropped their price objective on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday, April 11th. UBS Group decreased their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a report on Tuesday, May 27th. Finally, Morgan Stanley raised their target price on shares of Prudential Financial from $108.00 to $117.00 and gave the stock an “equal weight” rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $120.15.

Prudential Financial Trading Up 0.2%

NYSE:PRU opened at $104.31 on Friday. The firm has a market capitalization of $36.93 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17. The business has a fifty day moving average price of $103.44 and a 200-day moving average price of $110.32. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The business had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter in the prior year, the business posted $3.12 earnings per share. The business’s quarterly revenue was down 38.2% on a year-over-year basis. Sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.18%. The ex-dividend date was Tuesday, May 20th. Prudential Financial’s dividend payout ratio is currently 85.58%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were bought at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This trade represents a 60.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.25% 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.