Edgestream Partners L.P. Makes New $2.75 Million Investment in Prudential Financial, Inc. (NYSE:PRU)

Edgestream Partners L.P. bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,655 shares of the financial services provider's stock, valued at approximately $2,753,000.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock worth $2,320,000 after purchasing an additional 721 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Prudential Financial by 728.4% in the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 743 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Prudential Financial by 9.7% in the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 222 shares during the last quarter. Bridgewater Associates LP boosted its stake in shares of Prudential Financial by 41.8% during the 4th quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider's stock worth $46,031,000 after acquiring an additional 114,459 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of Prudential Financial by 9.0% during the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after acquiring an additional 2,913 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Performance

NYSE PRU traded up $0.90 during trading hours on Thursday, hitting $103.10. 1,301,496 shares of the stock were exchanged, compared to its average volume of 1,664,424. The company has a market cap of $36.50 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The stock has a 50-day moving average of $105.33 and a 200 day moving average of $108.61. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same period in the prior year, the business posted $3.12 earnings per share. The firm's revenue for the quarter was down 38.2% compared to the same quarter last year. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were given a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 annualized dividend and a dividend yield of 5.24%. Prudential Financial's dividend payout ratio is presently 85.58%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PRU shares. JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wells Fargo & Company dropped their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday. Wall Street Zen downgraded shares of Prudential Financial from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Keefe, Bruyette & Woods dropped their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. Finally, UBS Group lowered their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prudential Financial currently has a consensus rating of "Hold" and an average target price of $121.62.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction that occurred 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 completion of the purchase, the insider 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by corporate 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.