Arrowstreet Capital Limited Partnership Buys 1,247,371 Shares of Prudential Financial, Inc. $PRU

Arrowstreet Capital Limited Partnership increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 95.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,556,748 shares of the financial services provider’s stock after purchasing an additional 1,247,371 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Prudential Financial were worth $249,769,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp lifted its stake in Prudential Financial by 1.2% during the fourth quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock worth $1,945,381,000 after purchasing an additional 210,959 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Prudential Financial by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after purchasing an additional 26,414 shares in the last quarter. Morgan Stanley increased its position in Prudential Financial by 6.7% in the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock valued at $750,562,000 after acquiring an additional 420,081 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Prudential Financial by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock valued at $367,089,000 after buying an additional 166,641 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Prudential Financial by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,428,696 shares of the financial services provider’s stock worth $274,151,000 after buying an additional 15,865 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods upped their target price on Prudential Financial from $106.00 to $113.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. TD Cowen boosted their price target on Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research note on Wednesday. Barclays increased their price target on Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Tuesday, July 7th. Jefferies Financial Group lifted their price objective on shares of Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Finally, Piper Sandler boosted their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $105.46.

Prudential Financial Stock Performance

PRU opened at $119.83 on Friday. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $120.58. The company has a market cap of $41.58 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 2.35 and a beta of 0.85. The company’s fifty day moving average price is $108.91 and its two-hundred day moving average price is $104.36. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.52. The business had revenue of $15.23 billion for the quarter, compared to analysts’ expectations 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 last year, the firm earned $3.29 EPS. On average, analysts expect that Prudential Financial, Inc. will post 13.75 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Tuesday, May 26th. Prudential Financial’s dividend payout ratio (DPR) is currently 57.61%.

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.