SteelPeak Wealth LLC Takes $865,000 Position in Prudential Financial, Inc. $PRU

SteelPeak Wealth LLC bought a new stake in Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,341 shares of the financial services provider’s stock, valued at approximately $865,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Hudson Capital Management LLC raised its holdings in shares of Prudential Financial by 5.0% in the 3rd quarter. Hudson Capital Management LLC now owns 42,977 shares of the financial services provider’s stock worth $4,458,000 after buying an additional 2,038 shares in the last quarter. Generali Asset Management SPA SGR grew its position in Prudential Financial by 22.6% in the third quarter. Generali Asset Management SPA SGR now owns 34,077 shares of the financial services provider’s stock valued at $3,535,000 after acquiring an additional 6,279 shares during the period. Edmp Inc. acquired a new position in Prudential Financial during the third quarter worth $446,000. RB Capital Management LLC lifted its holdings in shares of Prudential Financial by 16.2% during the third quarter. RB Capital Management LLC now owns 2,347 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 327 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. boosted its stake in shares of Prudential Financial by 1.1% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 115,860 shares of the financial services provider’s stock valued at $12,019,000 after purchasing an additional 1,306 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Prudential Financial

In other news, SVP Timothy L. Schmidt sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $107.69, for a total value of $861,520.00. Following the transaction, the senior vice president owned 11,535 shares of the company’s stock, valued at approximately $1,242,204.15. This trade represents a 40.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the sale, the chairman owned 165,564 shares of the company’s stock, valued at approximately $17,779,917.96. This represents a 22.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 62,719 shares of company stock worth $6,796,067. Company insiders own 0.25% of the company’s stock.

Prudential Financial Stock Performance

PRU stock opened at $113.84 on Friday. The company has a 50 day moving average price of $109.46 and a 200 day moving average price of $106.45. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $123.88. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market capitalization of $39.84 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 0.90 and a beta of 0.97.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 EPS for the quarter. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The company had revenue of $8.35 billion during the quarter. Analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s payout ratio is currently 74.18%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRU. Keefe, Bruyette & Woods increased their target price on shares of Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a research report on Monday, November 3rd. Wolfe Research assumed coverage on shares of Prudential Financial in a report on Tuesday, September 16th. They set a “peer perform” rating for the company. Evercore ISI boosted their target price on Prudential Financial from $120.00 to $122.00 and gave the stock an “in-line” rating in a report on Thursday, October 30th. Barclays dropped their price target on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Finally, Mizuho assumed coverage on Prudential Financial in a research note on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $118.00.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.