Ipsen Advisor Group LLC Invests $709,000 in Prudential Financial, Inc. (NYSE:PRU)

Ipsen Advisor Group LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,984 shares of the financial services provider's stock, valued at approximately $709,000.

A number of other large investors have also modified their holdings of PRU. Grove Bank & Trust boosted its position in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock valued at $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Prudential Financial during the 4th quarter worth approximately $29,000. CGC Financial Services LLC raised its position in shares of Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial during the fourth quarter worth approximately $33,000. Finally, Quarry LP increased 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 buying an additional 222 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

PRU has been the subject of several recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an "underperform" rating and a $101.00 price objective for the company. Morgan Stanley reduced their target price on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Piper Sandler lowered their price target on Prudential Financial from $127.00 to $124.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Finally, Wells Fargo & Company raised their price objective on Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $126.15.

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Prudential Financial Stock Performance

Prudential Financial stock traded down $4.48 during midday trading on Friday, reaching $109.94. 2,326,712 shares of the stock traded hands, compared to its average volume of 1,538,419. The firm has a fifty day moving average price of $113.09 and a two-hundred day moving average price of $118.95. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55. The firm has a market cap of $39.36 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 0.98 and a beta of 1.28. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate 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, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio is currently 72.29%.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the business's stock in a transaction dated Tuesday, March 25th. The stock was acquired at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the acquisition, the insider now directly owns 139,987 shares in the company, valued at $3,992,429.24. This represents a 60.18 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% 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.