Geode Capital Management LLC Raises Holdings in Prudential Financial, Inc. (NYSE:PRU)

Geode Capital Management LLC raised its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 4.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,662,679 shares of the financial services provider's stock after buying an additional 341,787 shares during the period. Geode Capital Management LLC owned approximately 2.43% of Prudential Financial worth $1,047,872,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Vestcor Inc increased its holdings in Prudential Financial by 15.4% during the 3rd quarter. Vestcor Inc now owns 7,009 shares of the financial services provider's stock worth $849,000 after purchasing an additional 937 shares during the period. Barclays PLC grew its position in shares of Prudential Financial by 11.0% during the third quarter. Barclays PLC now owns 1,062,776 shares of the financial services provider's stock worth $128,700,000 after buying an additional 105,089 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Prudential Financial by 9.9% during the third quarter. Public Employees Retirement System of Ohio now owns 150,700 shares of the financial services provider's stock worth $18,250,000 after buying an additional 13,621 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in Prudential Financial by 4.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 110,303 shares of the financial services provider's stock worth $13,358,000 after acquiring an additional 4,469 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Prudential Financial during the 3rd quarter worth approximately $486,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRU. Barclays lifted their price objective on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an "equal weight" rating in a research report on Friday, November 1st. Morgan Stanley dropped their price objective on Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating on the stock in a report on Monday, August 19th. Wells Fargo & Company boosted their target price on Prudential Financial from $116.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Piper Sandler raised their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Finally, Evercore ISI upgraded shares of Prudential Financial from an "underperform" rating to an "inline" rating and upped their target price for the company from $117.00 to $140.00 in a report on Thursday, November 14th. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial currently has a consensus rating of "Hold" and a consensus price target of $126.33.

Prudential Financial Stock Performance

NYSE:PRU traded up $0.54 during midday trading on Thursday, reaching $120.61. The stock had a trading volume of 1,528,112 shares, compared to its average volume of 1,497,050. The stock has a market cap of $42.94 billion, a P/E ratio of 10.67, a P/E/G ratio of 0.91 and a beta of 1.29. 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, Inc. has a 12-month low of $100.60 and a 12-month high of $130.55. The firm has a fifty day simple moving average of $125.01 and a two-hundred day simple moving average of $120.44.

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

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.31%. The ex-dividend date is Tuesday, November 19th. Prudential Financial's payout ratio is 46.22%.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of Prudential Financial stock in a transaction that occurred on 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 acquisition, the insider now 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

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.