Proathlete Wealth Management LLC Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Proathlete Wealth Management LLC purchased a new position in Prudential Financial, Inc. (NYSE:PRU) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 440 shares of the financial services provider’s stock, valued at approximately $49,000.

Several other institutional investors have also recently added to or reduced their stakes in PRU. Brighton Jones LLC raised its holdings in Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock valued at $436,000 after acquiring an additional 133 shares in the last quarter. Van ECK Associates Corp raised its holdings in Prudential Financial by 4.3% in the fourth quarter. Van ECK Associates Corp now owns 18,364 shares of the financial services provider’s stock valued at $2,177,000 after acquiring an additional 764 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Prudential Financial by 4.3% in the fourth quarter. CIBC Asset Management Inc now owns 54,394 shares of the financial services provider’s stock valued at $6,447,000 after acquiring an additional 2,226 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Prudential Financial by 288.9% in the fourth quarter. Venturi Wealth Management LLC now owns 2,065 shares of the financial services provider’s stock valued at $245,000 after acquiring an additional 1,534 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in Prudential Financial in the fourth quarter valued at $52,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PRU. JPMorgan Chase & Co. cut their price target on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Wall Street Zen raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a report on Monday. UBS Group dropped their target price on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $108.00 to $113.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. Finally, Piper Sandler dropped their target price on shares of Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $120.15.

Prudential Financial Stock Up 0.6%

PRU stock opened at $104.05 on Friday. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The firm’s 50-day simple moving average is $103.33 and its 200 day simple moving average is $110.48. The stock has a market cap of $36.83 billion, a PE ratio of 16.49, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter last year, the company earned $3.12 EPS. The company’s revenue for the quarter was down 38.2% compared to the same quarter last year. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were issued a $1.35 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.19%. Prudential Financial’s dividend payout ratio (DPR) is presently 85.58%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the transaction, the insider now directly owns 3,168,461 shares of the company’s stock, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

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.