Weiss Asset Management LP Invests $8.19 Million in Prudential Financial, Inc. (NYSE:PRU)

Weiss Asset Management LP purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 67,657 shares of the financial services provider's stock, valued at approximately $8,193,000.

Other large investors have also bought and sold shares of the company. Mather Group LLC. lifted its stake in Prudential Financial by 67.1% in the second quarter. Mather Group LLC. now owns 1,133 shares of the financial services provider's stock valued at $133,000 after buying an additional 455 shares during the period. Park Avenue Securities LLC grew its position in shares of Prudential Financial by 1.4% in the 2nd quarter. Park Avenue Securities LLC now owns 7,424 shares of the financial services provider's stock valued at $870,000 after purchasing an additional 103 shares during the period. CWM LLC increased its position in shares of Prudential Financial by 13.3% during the second quarter. CWM LLC now owns 13,036 shares of the financial services provider's stock worth $1,528,000 after acquiring an additional 1,527 shares in the last quarter. OLD National Bancorp IN raised its position in Prudential Financial by 1.7% in the 2nd quarter. OLD National Bancorp IN now owns 5,941 shares of the financial services provider's stock valued at $696,000 after buying an additional 98 shares during the last quarter. Finally, Capital Investment Advisors LLC grew its stake in shares of Prudential Financial by 36.8% during the 2nd quarter. Capital Investment Advisors LLC now owns 3,393 shares of the financial services provider's stock worth $398,000 after acquiring an additional 913 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of Prudential Financial stock traded down $0.73 during trading on Friday, reaching $126.56. The company's stock had a trading volume of 1,375,040 shares, compared to its average volume of 1,492,013. Prudential Financial, Inc. has a 52 week low of $98.24 and a 52 week high of $130.55. The firm has a market cap of $45.06 billion, a PE ratio of 11.27, a P/E/G ratio of 0.91 and a beta of 1.29. The business's 50-day moving average price is $124.80 and its 200-day moving average price is $120.31. 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 (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion for the quarter, compared to analysts' expectations of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the firm earned $3.44 earnings per share. Equities analysts forecast that Prudential Financial, Inc. will post 13.35 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial's dividend payout ratio (DPR) is presently 46.22%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRU shares. UBS Group increased their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Evercore ISI raised shares of Prudential Financial from an "underperform" rating to an "inline" rating and lifted their price objective for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. Finally, Argus upgraded shares of Prudential Financial to a "strong-buy" rating in a research note on Thursday, August 8th. Eleven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of "Hold" and an average target price of $125.92.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.31% of the company's stock.

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.