111,856 Shares in Prudential Financial, Inc. (NYSE:PRU) Purchased by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP bought a new stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 111,856 shares of the financial services provider's stock, valued at approximately $13,258,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in Prudential Financial during the fourth quarter valued at $115,878,000. Nordea Investment Management AB lifted its position in shares of Prudential Financial by 176.8% during the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider's stock valued at $123,804,000 after buying an additional 665,180 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Prudential Financial during the 4th quarter worth $76,303,000. Amundi increased its holdings in Prudential Financial by 32.7% in the 4th quarter. Amundi now owns 1,535,514 shares of the financial services provider's stock worth $181,851,000 after acquiring an additional 378,266 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Prudential Financial by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider's stock valued at $1,047,872,000 after acquiring an additional 341,787 shares during the period. 56.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of Prudential Financial from $124.00 to $122.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Prudential Financial from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. BMO Capital Markets started coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 target price on the stock. UBS Group reduced their price target on Prudential Financial from $130.00 to $122.00 and set a "neutral" rating for the company in a research report on Wednesday, April 2nd. Finally, Morgan Stanley dropped their price objective on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $125.69.

Insider Activity

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the acquisition, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company's stock.

Prudential Financial Price Performance

PRU traded up $9.06 on Wednesday, reaching $104.18. The company had a trading volume of 4,003,350 shares, compared to its average volume of 1,588,419. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The company has a market cap of $36.92 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 0.98 and a beta of 1.11. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The business has a 50 day simple moving average of $109.78 and a 200 day simple moving average of $117.87.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a $1.35 dividend. This is a boost from Prudential Financial's previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial's dividend payout ratio is presently 72.29%.

Prudential Financial Company Profile

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.