Entropy Technologies LP Makes New Investment in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Entropy Technologies LP acquired 15,549 shares of Prudential Financial, Inc., valued at approximately $1,737,000, during the 1st quarter of the year.
• Major shareholder Insurance Co Of Ame Prudential made a significant purchase, acquiring 1,675,978 shares for about $48 million, marking a 112.29% increase in their ownership position.
• Prudential Financial's recent earnings report showed $3.58 earnings per share, beating estimates, and the company announced a quarterly dividend of $1.35 per share with a yield of 5.2%.

Entropy Technologies LP purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 15,549 shares of the financial services provider's stock, valued at approximately $1,737,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. grew its holdings in shares of Prudential Financial by 90.2% during the first 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 in the last quarter. Cheviot Value Management LLC purchased a new stake in shares of Prudential Financial during the first quarter worth about $26,000. North Capital Inc. purchased a new stake in shares of Prudential Financial during the first quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Prudential Financial during the first quarter worth about $30,000. Finally, Clearstead Trust LLC grew its holdings in shares of Prudential Financial by 350.8% during the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after buying an additional 207 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PRU shares. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Morgan Stanley dropped their price target on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Barclays boosted their price objective on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Finally, 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 research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $121.75.

Prudential Financial Stock Up 1.8%

Shares of PRU stock traded up $1.94 on Wednesday, hitting $107.16. The stock had a trading volume of 1,803,887 shares, compared to its average volume of 1,804,461. The firm has a market capitalization of $37.72 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 0.94 and a beta of 1.07. The stock's 50 day moving average is $104.82 and its 200-day moving average is $106.58. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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. The firm had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.39 earnings per share. As a group, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be issued a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.0%. Prudential Financial's dividend payout ratio is currently 119.73%.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is owned by corporate insiders.

About Prudential Financial

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.