ABC Arbitrage SA Makes New $1.19 Million Investment in Prudential Financial, Inc. (NYSE:PRU)

ABC Arbitrage SA bought a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 10,060 shares of the financial services provider's stock, valued at approximately $1,192,000.

Several other institutional investors also recently modified their holdings of PRU. Glenmede Trust Co. NA boosted its stake in Prudential Financial by 7.4% in the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider's stock valued at $2,176,000 after acquiring an additional 1,234 shares during the last quarter. Avanza Fonder AB acquired a new position in Prudential Financial during the 4th quarter worth approximately $3,423,000. Gateway Investment Advisers LLC boosted its holdings in Prudential Financial by 56.1% during the fourth quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider's stock worth $2,607,000 after purchasing an additional 7,907 shares during the last quarter. Principal Financial Group Inc. lifted its position in Prudential Financial by 3.9% during the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider's stock worth $50,830,000 after buying an additional 15,695 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Prudential Financial by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider's stock worth $9,597,000 after purchasing an additional 1,765 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now directly owns 4,780,293 shares in the company, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on PRU shares. Piper Sandler decreased their price objective 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. TD Cowen boosted their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Keefe, Bruyette & Woods lowered their price objective on 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. BMO Capital Markets started coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price target on the stock. Finally, Evercore ISI upgraded shares of Prudential Financial from an "underperform" rating to an "inline" rating and lifted their price target for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $125.69.

Prudential Financial Price Performance

NYSE:PRU traded down $0.20 on Wednesday, hitting $111.59. The company had a trading volume of 1,441,175 shares, compared to its average volume of 1,704,799. The stock has a market capitalization of $39.95 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 0.99 and a beta of 1.31. 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 50 day moving average of $117.46 and a two-hundred day moving average of $119.71. Prudential Financial, Inc. has a 52 week low of $104.44 and a 52 week high of $130.55.

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 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, research analysts anticipate that Prudential Financial, Inc. will post 14.34 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.84%. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date is Tuesday, February 18th. Prudential Financial's dividend payout ratio is presently 69.61%.

Prudential Financial 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.