Empire Financial Management Company LLC Acquires Shares of 7,050 Prudential Financial, Inc. (NYSE:PRU)

Empire Financial Management Company LLC acquired a new stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,050 shares of the financial services provider's stock, valued at approximately $854,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. increased its holdings in Prudential Financial by 7.1% in the third quarter. Coldstream Capital Management Inc. now owns 11,722 shares of the financial services provider's stock valued at $1,424,000 after buying an additional 775 shares in the last quarter. Geode Capital Management LLC increased its holdings in Prudential Financial by 4.1% in the third 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 buying an additional 341,787 shares in the last quarter. Vestcor Inc increased its holdings in Prudential Financial by 15.4% in the third quarter. Vestcor Inc now owns 7,009 shares of the financial services provider's stock valued at $849,000 after buying an additional 937 shares in the last quarter. Barclays PLC increased its holdings in Prudential Financial by 11.0% in the third quarter. Barclays PLC now owns 1,062,776 shares of the financial services provider's stock valued at $128,700,000 after buying an additional 105,089 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in Prudential Financial by 9.9% in the third quarter. Public Employees Retirement System of Ohio now owns 150,700 shares of the financial services provider's stock valued at $18,250,000 after buying an additional 13,621 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the purchase, the insider now directly owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. TD Cowen lifted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a "hold" rating in a research report on Wednesday, November 27th. UBS Group lifted their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a "neutral" rating in a research report on Tuesday, August 13th. Jefferies Financial Group lifted their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Barclays lifted their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an "equal weight" rating in a research report on Friday, November 1st. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $126.33.

Prudential Financial Trading Down 0.6 %

NYSE:PRU traded down $0.71 on Wednesday, hitting $120.53. The stock had a trading volume of 863,643 shares, compared to its average volume of 1,491,718. The company has a fifty day moving average price of $124.98 and a two-hundred day moving average price of $120.44. The stock has a market cap of $42.91 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 1-year low of $100.60 and a 1-year high of $130.55. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period in the previous year, the firm earned $3.44 EPS. Equities research analysts expect that Prudential Financial, Inc. will post 13.35 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Tuesday, November 19th. Prudential Financial's dividend payout ratio (DPR) is 46.22%.

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.