Perigon Wealth Management LLC Takes $846,000 Position in Prudential Financial, Inc. $PRU

Perigon Wealth Management LLC bought a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,842 shares of the financial services provider’s stock, valued at approximately $846,000.

Several other institutional investors also recently modified their holdings of PRU. Jessup Wealth Management Inc acquired a new position in Prudential Financial during the fourth quarter valued at approximately $25,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Prudential Financial in the 4th quarter valued at $26,000. Salomon & Ludwin LLC increased its position in shares of Prudential Financial by 98.3% in the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after buying an additional 114 shares in the last quarter. SJS Investment Consulting Inc. raised its stake in Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after buying an additional 134 shares during the period. Finally, Coston McIsaac & Partners lifted its holdings in Prudential Financial by 93.4% during the fourth quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 128 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Performance

PRU opened at $124.55 on Wednesday. The business’s 50-day simple moving average is $115.78 and its 200 day simple moving average is $105.44. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $42.97 billion, a PE ratio of 11.28, a PEG ratio of 2.38 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. During the same quarter last year, the firm posted $3.58 EPS. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 14.17 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.5%. Prudential Financial’s dividend payout ratio is presently 50.72%.

Insider Buying and Selling

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This represents a 34.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 12th. TD Cowen increased their target price on Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company raised their target price on shares of Prudential Financial from $100.00 to $103.00 and gave the stock an “underweight” rating in a report on Thursday, July 9th. Mizuho lifted their price target on shares of Prudential Financial from $101.00 to $109.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $113.00 to $123.00 and gave the company a “market perform” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $107.77.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.