Cadence Bank Buys 2,475 Shares of Prudential Financial, Inc. $PRU

Key Points

• Cadence Bank increased its stake in Prudential Financial by 1.5% during the first quarter, owning 172,424 shares valued at approximately $19.26 million.
• Major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares at an average price of $28.64, representing a 112.29% increase in their position.
• Prudential Financial announced a quarterly dividend of $1.35, resulting in an annualized yield of 4.9%, despite a payout ratio of 119.73%.

Cadence Bank increased its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 172,424 shares of the financial services provider's stock after buying an additional 2,475 shares during the period. Prudential Financial accounts for 1.4% of Cadence Bank's investment portfolio, making the stock its 16th biggest position. Cadence Bank's holdings in Prudential Financial were worth $19,256,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PRU. Meeder Asset Management Inc. boosted its holdings in Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after buying an additional 111 shares during the period. Cheviot Value Management LLC purchased a new stake in Prudential Financial in the 1st quarter worth approximately $26,000. North Capital Inc. purchased a new stake in Prudential Financial in the 1st quarter worth approximately $28,000. AlphaQuest LLC lifted its stake in Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock worth $28,000 after purchasing an additional 245 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in Prudential Financial in the 1st quarter worth approximately $30,000. 56.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRU shares. UBS Group lowered their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Wells Fargo & Company lowered their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Keefe, Bruyette & Woods lowered their price objective 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. Finally, Barclays raised their price objective on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $122.08.

Prudential Financial Trading Up 0.2%

Prudential Financial stock traded up $0.21 during trading hours on Wednesday, reaching $109.59. The stock had a trading volume of 1,273,568 shares, compared to its average volume of 1,771,254. The stock has a market cap of $38.57 billion, a PE ratio of 24.30, a PEG ratio of 0.97 and a beta of 1.07. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The company has a fifty day simple moving average of $105.42 and a 200-day simple moving average of $105.83.

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

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is 119.73%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was 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 the SEC website. 0.25% of the stock is currently owned by company insiders.

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.