Insurance Co Of Ame Prudential Acquires 1,406,739 Shares of Prudential Financial (NYSE:PRU) Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the business’s stock in a transaction dated Friday, January 23rd. The stock was purchased at an average price of $24.87 per share, for a total transaction of $34,985,598.93. Following the completion of the acquisition, the insider owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. This represents a 22.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Prudential Financial Stock Up 0.3%

Shares of Prudential Financial stock opened at $107.72 on Thursday. The firm has a market cap of $37.70 billion, a PE ratio of 14.80, a P/E/G ratio of 1.19 and a beta of 0.97. The business’s 50 day simple moving average is $112.57 and its 200 day simple moving average is $107.27. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $123.88.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share for the quarter, topping the consensus estimate of $3.72 by $0.54. The company had revenue of $17.89 billion during the quarter, compared to analysts’ expectations of $13.77 billion. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. During the same period last year, the business earned $3.48 EPS. On average, analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 18th were issued a $1.35 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. Prudential Financial’s dividend payout ratio (DPR) is presently 74.18%.

Institutional Trading of Prudential Financial

Hedge funds have recently added to or reduced their stakes in the company. Diversified Enterprises LLC bought a new stake in Prudential Financial in the 4th quarter valued at about $326,000. Kerusso Capital Management LLC grew its position in Prudential Financial by 31.5% during the fourth quarter. Kerusso Capital Management LLC now owns 35,409 shares of the financial services provider’s stock worth $3,997,000 after buying an additional 8,490 shares in the last quarter. Quent Long Short Global Small Cap Fund LP acquired a new position in Prudential Financial in the 4th quarter valued at $309,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Prudential Financial during the 4th quarter valued at $225,000. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in Prudential Financial by 2.8% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 18,726 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 512 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PRU shares. Morgan Stanley raised their price target on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Wells Fargo & Company boosted their target price on shares of Prudential Financial from $113.00 to $115.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Wall Street Zen lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Barclays cut their target price on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $120.78.

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.