Aigen Investment Management LP Invests $301,000 in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Aigen Investment Management LP has acquired a stake in Prudential Financial, investing approximately $301,000 for 2,699 shares.
• Several institutional investors have also increased their holdings in Prudential Financial, with 56.83% of the company's stock now owned by institutional investors.
• The company recently announced a quarterly dividend of $1.35, which translates to a yield of 5.0% and a payout ratio of 119.73%.

Aigen Investment Management LP purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,699 shares of the financial services provider's stock, valued at approximately $301,000.

Several other large investors have also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its stake in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock valued at $555,513,000 after purchasing an additional 897,916 shares during the period. Invesco Ltd. lifted its stake in shares of Prudential Financial by 2.7% in the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock valued at $495,859,000 after purchasing an additional 116,079 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Prudential Financial by 19.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock valued at $469,777,000 after purchasing an additional 678,028 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Prudential Financial by 11.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock valued at $404,230,000 after purchasing an additional 352,335 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Prudential Financial by 6.1% during the 4th quarter. Ameriprise Financial Inc. now owns 1,706,530 shares of the financial services provider's stock valued at $202,279,000 after acquiring an additional 97,406 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Down 0.8%

Prudential Financial stock traded down $0.84 during trading on Friday, reaching $105.98. The company had a trading volume of 1,188,014 shares, compared to its average volume of 1,802,432. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The stock's 50 day moving average price is $104.96 and its two-hundred day moving average price is $106.27. The firm has a market capitalization of $37.30 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. The company had revenue of $13.50 billion for the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. Prudential Financial's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.39 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm's stock in a transaction on Monday, June 16th. The stock was bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRU. Piper Sandler dropped their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Keefe, Bruyette & Woods dropped their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. UBS Group dropped their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company dropped their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Prudential Financial has an average rating of "Hold" and an average target price of $121.75.

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.