Cadence Bank Buys 3,169 Shares of Prudential Financial, Inc. (NYSE:PRU)

Cadence Bank increased its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 169,949 shares of the financial services provider's stock after acquiring an additional 3,169 shares during the quarter. Prudential Financial makes up 1.4% of Cadence Bank's portfolio, making the stock its 14th biggest position. Cadence Bank's holdings in Prudential Financial were worth $20,144,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in Prudential Financial in the fourth quarter worth approximately $115,878,000. Nordea Investment Management AB boosted its holdings 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 worth $123,804,000 after buying an additional 665,180 shares during the period. Raymond James Financial Inc. acquired a new stake in Prudential Financial in the 4th quarter valued at approximately $76,303,000. Marshall Wace LLP raised its position in shares of Prudential Financial by 322.9% during the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock valued at $84,287,000 after buying an additional 542,964 shares during the last quarter. Finally, Amundi raised its stake in shares of Prudential Financial by 32.7% in the 4th quarter. Amundi now owns 1,535,514 shares of the financial services provider's stock valued at $181,851,000 after buying an additional 378,266 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 2.1 %

Shares of Prudential Financial stock traded up $2.07 during trading on Wednesday, reaching $102.28. 679,082 shares of the stock were exchanged, compared to its average volume of 1,600,248. The stock's fifty day moving average is $107.17 and its 200 day moving average is $116.56. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm has a market cap of $36.25 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

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

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 5.28%. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio (DPR) is currently 72.29%.

Insider Activity

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the transaction, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

PRU has been the subject of several research reports. Wells Fargo & Company lowered their price objective on shares of Prudential Financial from $118.00 to $108.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Morgan Stanley cut their price target on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Keefe, Bruyette & Woods dropped their price objective on Prudential Financial from $125.00 to $120.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 9th. Barclays lowered their target price on Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a research note on Friday, April 11th. Finally, UBS Group cut their price target on shares of Prudential Financial from $130.00 to $122.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $121.85.

About Prudential Financial

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.