Vanguard Group Inc. Has $4.96 Billion Stake in Prudential Financial, Inc. (NYSE:PRU)

Vanguard Group Inc. boosted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 0.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,850,558 shares of the financial services provider's stock after acquiring an additional 220,671 shares during the period. Vanguard Group Inc. owned 11.76% of Prudential Financial worth $4,960,547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Nordea Investment Management AB raised its position in shares of Prudential Financial by 176.8% in the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider's stock valued at $123,804,000 after purchasing an additional 665,180 shares during the period. Raymond James Financial Inc. bought a new position in Prudential Financial in the 4th quarter valued at about $76,303,000. Amundi lifted its position in Prudential Financial by 32.7% during the fourth quarter. Amundi now owns 1,535,514 shares of the financial services provider's stock worth $181,851,000 after acquiring an additional 378,266 shares during the last quarter. FMR LLC grew its position in shares of Prudential Financial by 31.3% in the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider's stock valued at $174,903,000 after purchasing an additional 344,254 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Prudential Financial by 4.1% during the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider's stock worth $1,047,872,000 after purchasing an additional 341,787 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

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Prudential Financial Price Performance

NYSE:PRU traded down $4.48 during trading hours on Friday, hitting $109.94. The company's stock had a trading volume of 2,326,712 shares, compared to its average volume of 1,538,417. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55. 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 stock has a fifty day simple moving average of $113.09 and a 200-day simple moving average of $118.92. The company has a market capitalization of $39.36 billion, a P/E ratio of 14.72, a PEG ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU - Get Free Report) last announced 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 net margin of 4.01% and a return on equity of 15.86%. On average, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal 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 paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.91%. This is a boost from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial's dividend payout ratio is presently 72.29%.

Insider Buying and Selling

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of Prudential Financial stock in a transaction that occurred on Tuesday, March 25th. The stock was acquired at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the purchase, the insider now owns 139,987 shares of the company's stock, valued at $3,992,429.24. The trade was 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 currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on PRU shares. 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 on the stock. Barclays upped their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Piper Sandler dropped their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. Jefferies Financial Group increased their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $126.15.

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.