Caxton Associates LLP Acquires Shares of 16,282 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 stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,282 shares of the financial services provider's stock, valued at approximately $1,818,000.

A number of other institutional investors also recently bought and sold shares of the business. Sciencast Management LP increased its stake in Prudential Financial by 170.6% in the first quarter. Sciencast Management LP now owns 6,559 shares of the financial services provider's stock valued at $733,000 after purchasing an additional 4,135 shares during the period. Voleon Capital Management LP purchased a new stake in shares of Prudential Financial in the first quarter valued at about $634,000. Everstar Asset Management LLC boosted its holdings in shares of Prudential Financial by 54.7% in the first quarter. Everstar Asset Management LLC now owns 5,800 shares of the financial services provider's stock valued at $648,000 after acquiring an additional 2,050 shares in the last quarter. Coordinated Financial Services Inc. CO purchased a new stake in shares of Prudential Financial in the first quarter valued at about $317,000. Finally, UniSuper Management Pty Ltd boosted its holdings in shares of Prudential Financial by 4.5% in the first quarter. UniSuper Management Pty Ltd now owns 31,572 shares of the financial services provider's stock valued at $3,526,000 after acquiring an additional 1,355 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 0.2%

PRU stock opened at $105.88 on Tuesday. The company has a market cap of $37.27 billion, a P/E ratio of 23.48, a P/E/G ratio of 0.94 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's 50-day moving average price is $105.85 and its 200 day moving average price is $105.59. 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 announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company had revenue of $13.50 billion for the quarter, compared to the consensus estimate of $13.47 billion. During the same quarter in the prior year, the firm earned $3.39 earnings per share. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts expect 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. Shareholders of record on Tuesday, August 19th will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio is 119.73%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. 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 report 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 report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley boosted their price objective on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial presently has a consensus rating of "Hold" and an average price target of $122.08.

Insider Activity

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

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.

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