KLP Kapitalforvaltning AS Acquires Shares of 121,050 Prudential Financial, Inc. (NYSE:PRU)

KLP Kapitalforvaltning AS bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 121,050 shares of the financial services provider's stock, valued at approximately $14,348,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Commerce Bank raised its holdings in Prudential Financial by 7.1% in the third quarter. Commerce Bank now owns 16,770 shares of the financial services provider's stock worth $2,031,000 after purchasing an additional 1,114 shares in the last quarter. Pacer Advisors Inc. lifted its position in Prudential Financial by 133.8% during the third quarter. Pacer Advisors Inc. now owns 60,713 shares of the financial services provider's stock valued at $7,352,000 after acquiring an additional 34,749 shares during the last quarter. Meridian Wealth Management LLC purchased a new position in Prudential Financial in the third quarter worth $280,000. Great Valley Advisor Group Inc. increased its position in shares of Prudential Financial by 7.8% during the third quarter. Great Valley Advisor Group Inc. now owns 7,766 shares of the financial services provider's stock worth $940,000 after purchasing an additional 559 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Prudential Financial by 4.0% during the 3rd quarter. Cerity Partners LLC now owns 130,778 shares of the financial services provider's stock valued at $15,837,000 after purchasing an additional 5,011 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were purchased at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the purchase, the insider now owns 139,987 shares of the company's stock, valued at $3,992,429.24. This represents a 60.18 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares of the company's stock, valued at $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PRU. Jefferies Financial Group upped their target price on Prudential Financial from $149.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Piper Sandler cut their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Keefe, Bruyette & Woods dropped their target price on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. Wells Fargo & Company raised their price target on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 19th. Finally, Morgan Stanley dropped their price objective on shares of 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 research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $126.15.

Prudential Financial Stock Performance

PRU stock traded down $4.48 during trading on Friday, hitting $109.94. 2,326,712 shares of the company traded hands, compared to its average volume of 1,538,417. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $104.45 and a 1 year high of $130.55. The stock's 50-day simple moving average is $113.09 and its 200 day simple moving average is $118.92. The company has a market cap of $39.36 billion, a PE ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS 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%. On average, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.91%. This is an increase from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date 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.