Bartlett & CO. Wealth Management LLC Grows Stake in Prudential Financial, Inc. (NYSE:PRU)

Bartlett & CO. Wealth Management LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,302 shares of the financial services provider’s stock after acquiring an additional 199 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Prudential Financial were worth $1,374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRU. Brighton Jones LLC lifted its holdings in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 133 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Prudential Financial by 44.0% in the fourth quarter. IFP Advisors Inc now owns 5,638 shares of the financial services provider’s stock worth $673,000 after buying an additional 1,722 shares during the period. Mn Services Vermogensbeheer B.V. grew its position in shares of Prudential Financial by 2.6% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 144,392 shares of the financial services provider’s stock worth $17,115,000 after purchasing an additional 3,600 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $29,998,000. Finally, QRG Capital Management Inc. grew its position in shares of Prudential Financial by 10.3% during the fourth quarter. QRG Capital Management Inc. now owns 54,902 shares of the financial services provider’s stock worth $6,508,000 after purchasing an additional 5,123 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on PRU shares. JPMorgan Chase & Co. cut their price target on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Wednesday, April 2nd. Piper Sandler dropped their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Wall Street Zen raised Prudential Financial from a “sell” rating to a “hold” rating in a research note on Monday, June 16th. Morgan Stanley raised their price target on Prudential Financial from $108.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, May 19th. Finally, UBS Group decreased their target price on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus target price of $120.15.

Prudential Financial Trading Up 0.3%

Shares of NYSE:PRU opened at $107.07 on Friday. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The business’s fifty day simple moving average is $104.09 and its 200-day simple moving average is $109.68. The company has a market capitalization of $37.90 billion, a PE ratio of 16.97, a P/E/G ratio of 1.02 and a beta of 1.07. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. During the same period in the previous year, the business earned $3.12 EPS. The firm’s revenue for the quarter was down 38.2% on a year-over-year basis. As a group, equities research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 annualized dividend and a yield of 5.04%. Prudential Financial’s payout ratio is presently 85.58%.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, the insider now directly owns 3,168,461 shares in the company, valued at $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company 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.