Geode Capital Management LLC Increases Stake in Prudential Financial, Inc. (NYSE:PRU)

Geode Capital Management LLC increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,856,360 shares of the financial services provider's stock after acquiring an additional 193,681 shares during the quarter. Geode Capital Management LLC owned approximately 2.49% of Prudential Financial worth $1,050,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of PRU. Grove Bank & Trust increased its stake in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock worth $26,000 after buying an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Prudential Financial in the fourth quarter valued at about $29,000. CGC Financial Services LLC raised its stake in shares of Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $33,000. Finally, Quarry LP grew its stake in shares of Prudential Financial by 376.3% in the third quarter. Quarry LP now owns 281 shares of the financial services provider's stock worth $34,000 after purchasing an additional 222 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prudential Financial

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares of the company's stock, 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 is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the stock in a transaction dated Tuesday, March 25th. The shares were acquired at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the acquisition, the insider now owns 139,987 shares of the company's stock, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Analyst Ratings Changes

PRU has been the topic of several research analyst reports. Keefe, Bruyette & Woods reduced their target price on Prudential Financial from $129.00 to $125.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. Piper Sandler decreased their price objective on shares of Prudential Financial from $124.00 to $122.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. decreased their price target on shares of Prudential Financial from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays lifted their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $126.08.

Prudential Financial Stock Down 1.9 %

PRU stock traded down $1.86 on Monday, reaching $94.67. 1,328,774 shares of the company traded hands, compared to its average volume of 1,560,959. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a fifty day simple moving average of $112.03 and a 200-day simple moving average of $118.62. Prudential Financial, Inc. has a one year low of $87.90 and a one year high of $130.55. The company has a market cap of $33.56 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Research analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This is a boost from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.70%. Prudential Financial's dividend payout ratio is presently 72.29%.

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.