Prudential Financial, Inc. $PRU Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its holdings in Prudential Financial by 33.8%, acquiring an additional 3,509 shares, bringing its total to 13,893 shares worth approximately $1.55 million at the end of the last quarter.
• A number of large investors have also significantly increased their positions in Prudential Financial, with Northern Trust Corp boosting its stake by 23.7% and GAMMA Investing LLC by an extraordinary 11,280.3% during the same period.
• Prudential Financial recently announced a quarterly dividend of $1.35, which translates to an annualized dividend yield of 4.9%, with a current payout ratio of 119.73%.

Allstate Corp boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 33.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,893 shares of the financial services provider's stock after acquiring an additional 3,509 shares during the period. Allstate Corp's holdings in Prudential Financial were worth $1,552,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PRU. Meeder Asset Management Inc. grew its stake in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 111 shares in the last quarter. Cheviot Value Management LLC acquired a new position in shares of Prudential Financial during the 1st quarter valued at about $26,000. North Capital Inc. acquired a new position in shares of Prudential Financial during the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Prudential Financial during the 1st quarter valued at about $30,000. Finally, Clearstead Trust LLC boosted its position in shares of Prudential Financial by 350.8% during the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

PRU has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley boosted their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Piper Sandler decreased their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $122.08.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by company insiders.

Prudential Financial Stock Down 0.6%

Shares of PRU traded down $0.71 during mid-day trading on Thursday, hitting $108.76. 921,769 shares of the company's stock were exchanged, compared to its average volume of 1,765,189. The company has a market cap of $38.28 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 0.97 and a beta of 1.07. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week 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 is $105.53 and its 200-day moving average is $105.85.

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

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio is currently 119.73%.

Prudential Financial 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.