Strategy Asset Managers LLC Acquires New Shares in Prudential Financial, Inc. (NYSE:PRU)

Strategy Asset Managers LLC acquired a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,855 shares of the financial services provider's stock, valued at approximately $588,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Annex Advisory Services LLC raised its stake in shares of Prudential Financial by 3.4% in the second quarter. Annex Advisory Services LLC now owns 2,467 shares of the financial services provider's stock worth $289,000 after purchasing an additional 81 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in Prudential Financial by 1.1% during the 2nd quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider's stock worth $951,000 after acquiring an additional 87 shares during the last quarter. Avidian Wealth Enterprises LLC grew its stake in shares of Prudential Financial by 1.2% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider's stock worth $891,000 after acquiring an additional 89 shares in the last quarter. Quotient Wealth Partners LLC lifted its position in shares of Prudential Financial by 3.9% during the second quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider's stock valued at $284,000 after purchasing an additional 92 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC boosted its holdings in Prudential Financial by 4.6% during the first quarter. Jaffetilchin Investment Partners LLC now owns 2,131 shares of the financial services provider's stock worth $250,000 after purchasing an additional 94 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Price Performance

NYSE:PRU traded up $2.15 during trading hours on Thursday, hitting $126.26. The stock had a trading volume of 1,435,978 shares, compared to its average volume of 1,501,905. The firm has a market capitalization of $44.95 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 0.89 and a beta of 1.29. Prudential Financial, Inc. has a one year low of $93.99 and a one year high of $129.13. The company has a 50 day simple moving average of $122.86 and a two-hundred day simple moving average of $119.56. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts' consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the prior year, the company earned $3.44 EPS. Research analysts forecast that Prudential Financial, Inc. will post 13.33 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 issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial's payout ratio is 46.22%.

Insider Transactions at Prudential Financial

In related news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm's stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This represents a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on PRU shares. Argus raised shares of Prudential Financial to a "strong-buy" rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Piper Sandler boosted their price target 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. Evercore ISI upgraded shares of Prudential Financial from an "underperform" rating to an "inline" rating and raised their price objective for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Finally, Barclays lifted their price target on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an "equal weight" rating in a report on Friday, November 1st. Eleven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $125.69.

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.