Strategic Financial Concepts LLC Takes $2.90 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Strategic Financial Concepts LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,445 shares of the financial services provider's stock, valued at approximately $2,897,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Prudential Financial by 0.3% during the 3rd quarter. State Street Corp now owns 17,007,013 shares of the financial services provider's stock valued at $2,059,549,000 after acquiring an additional 49,830 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Prudential Financial by 4.1% during 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Prudential Financial by 1.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider's stock valued at $370,327,000 after acquiring an additional 47,561 shares in the last quarter. FMR LLC lifted its holdings in shares of Prudential Financial by 31.3% during the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider's stock valued at $174,903,000 after acquiring an additional 344,254 shares in the last quarter. Finally, abrdn plc lifted its holdings in shares of Prudential Financial by 4.0% during the 3rd quarter. abrdn plc now owns 1,309,155 shares of the financial services provider's stock valued at $158,120,000 after acquiring an additional 50,026 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. The trade was a 12.66 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Evercore ISI raised shares of Prudential Financial from an "underperform" rating to an "inline" rating and lifted their price target for the stock from $117.00 to $140.00 in a research note on Thursday, November 14th. BMO Capital Markets started coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price target on the stock. Jefferies Financial Group boosted their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a research report on Wednesday, November 27th. Finally, Piper Sandler dropped their target price on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $125.69.

Prudential Financial Stock Performance

Prudential Financial stock traded down $0.58 during midday trading on Thursday, reaching $111.08. 1,550,266 shares of the stock traded hands, compared to its average volume of 1,701,220. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm has a fifty day moving average price of $117.29 and a two-hundred day moving average price of $119.65. The firm has a market cap of $39.77 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 0.99 and a beta of 1.31. Prudential Financial, Inc. has a fifty-two week low of $104.44 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 research analysts forecast that Prudential Financial, Inc. will post 14.34 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a $1.35 dividend. This is a positive change 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 4.86%. The ex-dividend date is Tuesday, February 18th. Prudential Financial's dividend payout ratio is currently 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.