Caxton Associates LLP Takes Position in Prudential Financial, Inc. $PRU

Key Points

• Caxton Associates LLP has acquired 16,282 shares of Prudential Financial, Inc., valued at approximately $1.8 million, during the first quarter of 2023.
• Prudential Financial reported earnings per share (EPS) of $3.58 for the last quarter, surpassing analyst expectations and achieving a net margin of 2.75%.
• The company recently declared a quarterly dividend of $1.35, representing a 5.1% yield, with a dividend payout ratio of 119.73%.

Caxton Associates LLP acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,282 shares of the financial services provider's stock, valued at approximately $1,818,000.

A number of other hedge funds also recently made changes to their positions in the stock. Invesco Ltd. lifted its holdings in shares of Prudential Financial by 2.7% during the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock worth $495,859,000 after acquiring an additional 116,079 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Prudential Financial by 19.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after acquiring an additional 678,028 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Prudential Financial by 11.5% during the 4th 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 worth $404,230,000 after acquiring an additional 352,335 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Prudential Financial by 5.6% during the 1st quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider's stock worth $201,201,000 after acquiring an additional 95,021 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Prudential Financial by 14.1% during the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider's stock worth $183,571,000 after acquiring an additional 216,119 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, August 18th. 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. UBS Group decreased 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 report on Tuesday, May 27th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company decreased 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 report on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Trading Down 0.0%

Shares of PRU stock traded down $0.05 during mid-day trading on Friday, reaching $106.94. The stock had a trading volume of 1,628,323 shares, compared to its average volume of 1,419,545. The stock's 50-day moving average price is $105.61 and its two-hundred day moving average price is $105.44. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The firm has a market capitalization of $37.64 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60.

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

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were given a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.0%. Prudential Financial's payout ratio is presently 119.73%.

Insider Transactions at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the sale, the executive vice president owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the purchase, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.25% of the company's stock.

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.