Sterling Capital Management LLC Purchases 6,135 Shares of Prudential Financial, Inc. (NYSE:PRU)

Sterling Capital Management LLC boosted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 14.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,345 shares of the financial services provider's stock after purchasing an additional 6,135 shares during the quarter. Sterling Capital Management LLC's holdings in Prudential Financial were worth $5,730,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Prudential Financial during the fourth quarter worth $115,878,000. Nordea Investment Management AB boosted its position 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 purchasing an additional 665,180 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at about $76,303,000. Amundi increased its position in 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. Finally, Proficio Capital Partners LLC bought a new position in Prudential Financial in the fourth quarter worth approximately $29,998,000. 56.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on PRU. Piper Sandler decreased their price objective on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday. BMO Capital Markets started coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price objective for the company. Barclays lowered their target price on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a report on Friday. Wells Fargo & Company cut their price target on Prudential Financial from $118.00 to $108.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. Finally, Morgan Stanley decreased their price target on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of "Hold" and a consensus target price of $121.85.

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Prudential Financial Stock Performance

PRU stock traded down $1.24 during mid-day trading on Tuesday, hitting $100.20. The company had a trading volume of 1,721,638 shares, compared to its average volume of 1,598,144. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $35.51 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The stock's fifty day moving average price is $108.73 and its two-hundred day moving average price is $117.42.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts' consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, analysts forecast 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. Investors of record on Tuesday, February 18th were issued a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 5.39%. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio (DPR) is 72.29%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of Prudential Financial stock in a transaction on Tuesday, March 25th. The stock was acquired at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now directly owns 139,987 shares of the company's stock, valued at $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction on 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 transaction, the executive vice president now directly owns 27,072 shares of the company's stock, 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 currently owned by company insiders.

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.