Axxcess Wealth Management LLC Increases Holdings in Prudential Financial, Inc. $PRU

Key Points

• Axxcess Wealth Management increased its stake in Prudential Financial by 393.4% in the fourth quarter, ending with 44,849 shares valued at about $5.06 million.
• Other institutional investors also added to PRU, and the company remains 56.83% owned by institutions, indicating continued large-investor interest.
• Prudential reported strong quarterly results, with EPS of $3.61 beating estimates and revenue of $15.23 billion topping forecasts, while it also declared a $1.40 quarterly dividend yielding about 5.4%.

Axxcess Wealth Management LLC boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 393.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,849 shares of the financial services provider's stock after purchasing an additional 35,759 shares during the period. Axxcess Wealth Management LLC's holdings in Prudential Financial were worth $5,062,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Legal & General Group Plc boosted its position in Prudential Financial by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider's stock valued at $280,214,000 after acquiring an additional 62,366 shares in the last quarter. Nordea Investment Management AB boosted its position in Prudential Financial by 16.6% during the 4th quarter. Nordea Investment Management AB now owns 2,044,374 shares of the financial services provider's stock valued at $231,321,000 after acquiring an additional 291,422 shares in the last quarter. First Trust Advisors LP boosted its position in Prudential Financial by 1.5% during the 3rd quarter. First Trust Advisors LP now owns 1,172,443 shares of the financial services provider's stock valued at $121,629,000 after acquiring an additional 17,030 shares in the last quarter. Federated Hermes Inc. boosted its position in Prudential Financial by 0.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,095,031 shares of the financial services provider's stock valued at $113,599,000 after acquiring an additional 7,526 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its position in Prudential Financial by 11.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 897,597 shares of the financial services provider's stock valued at $101,321,000 after acquiring an additional 89,915 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. BMO Capital Markets cut their price objective on Prudential Financial from $91.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company lifted their price objective on Prudential Financial from $93.00 to $100.00 and gave the company an "underweight" rating in a research report on Tuesday, May 12th. Piper Sandler lifted their price objective on Prudential Financial from $99.00 to $105.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods lifted their price objective on Prudential Financial from $100.00 to $106.00 and gave the company a "market perform" rating in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. cut their price objective on Prudential Financial from $133.00 to $127.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Prudential Financial currently has a consensus rating of "Reduce" and a consensus target price of $101.50.

Prudential Financial Stock Performance

Shares of PRU opened at $104.12 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The business's 50 day moving average price is $97.80 and its 200-day moving average price is $104.58. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $119.76. The stock has a market cap of $36.13 billion, a P/E ratio of 10.71, a P/E/G ratio of 1.90 and a beta of 0.86.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The firm had revenue of $15.23 billion for the quarter, compared to analysts' expectations of $14.10 billion. During the same period in the previous year, the firm posted $3.29 EPS. Equities research analysts anticipate that Prudential Financial, Inc. will post 13.82 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, June 11th. Stockholders of record on Tuesday, May 26th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Tuesday, May 26th. Prudential Financial's payout ratio is currently 57.61%.

About Prudential Financial

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.

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