Kingsview Wealth Management LLC Increases Position in Prudential Financial, Inc. $PRU

Kingsview Wealth Management LLC raised its position in Prudential Financial, Inc. (NYSE:PRU) by 125.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,943 shares of the financial services provider’s stock after purchasing an additional 7,746 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Prudential Financial were worth $1,574,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Prudential Financial by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock worth $1,078,904,000 after acquiring an additional 26,414 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Prudential Financial by 2.4% in the third quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider’s stock worth $280,214,000 after acquiring an additional 62,366 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Prudential Financial by 16.6% in the fourth quarter. Nordea Investment Management AB now owns 2,044,374 shares of the financial services provider’s stock worth $231,321,000 after acquiring an additional 291,422 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Prudential Financial by 1.5% in the third quarter. First Trust Advisors LP now owns 1,172,443 shares of the financial services provider’s stock worth $121,629,000 after acquiring an additional 17,030 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in shares of Prudential Financial by 11.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 897,597 shares of the financial services provider’s stock worth $101,321,000 after acquiring an additional 89,915 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU stock opened at $100.61 on Monday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a fifty day moving average price of $98.69 and a 200 day moving average price of $104.45. The company has a market cap of $34.91 billion, a P/E ratio of 10.35, a PEG ratio of 1.84 and a beta of 0.86. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $119.76.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The firm had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same quarter in the previous year, the firm posted $3.29 earnings per share. Sell-side analysts predict that Prudential Financial, Inc. will post 13.75 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Tuesday, May 26th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 5.6%. The ex-dividend date is Tuesday, May 26th. Prudential Financial’s dividend payout ratio is currently 57.61%.

Analysts Set New Price Targets

Several research firms have commented on PRU. Weiss Ratings downgraded shares of Prudential Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 13th. Zacks Research downgraded shares of Prudential Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Evercore restated a “negative” rating on shares of Prudential Financial in a research note on Friday, March 6th. Piper Sandler boosted their price target on shares of Prudential Financial from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Bank of America lowered their target price on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Nine investment analysts have rated the stock with a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $101.50.

About Prudential Financial

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.