First Pacific Financial Makes New Investment in Prudential Financial, Inc. $PRU

Key Points

• First Pacific Financial has acquired 25,350 shares of Prudential Financial, Inc. valued at approximately $2.72 million during the 2nd quarter, according to a recent SEC filing.
• Prudential Financial reported earnings of $3.58 per share for the most recent quarter, exceeding analysts' expectations of $3.22, while quarterly revenue was $13.50 billion, slightly beating forecasts.
• The company paid a quarterly dividend of $1.35 per share, resulting in a dividend yield of 5.2%, although its payout ratio stands at 119.73%.

First Pacific Financial acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 25,350 shares of the financial services provider's stock, valued at approximately $2,724,000.

Several other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Prudential Financial by 3.6% in the 1st 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. Acadian Asset Management LLC lifted its holdings in shares of Prudential Financial by 3.0% in the 1st quarter. Acadian Asset Management LLC now owns 109,447 shares of the financial services provider's stock valued at $12,217,000 after buying an additional 3,183 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Prudential Financial by 728.4% in the 1st 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 in the last quarter. HighTower Advisors LLC increased its stake in Prudential Financial by 68.2% during the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider's stock worth $12,373,000 after buying an additional 44,937 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in Prudential Financial by 9.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after buying an additional 222 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

NYSE PRU opened at $103.77 on Wednesday. The business's 50-day moving average price is $105.31 and its 200 day moving average price is $104.99. The firm has a market cap of $36.53 billion, a P/E ratio of 23.01, a P/E/G ratio of 0.92 and a beta of 1.07. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. 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 announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same quarter in the previous year, the company earned $3.39 EPS. The company's quarterly revenue was down 2.5% on a year-over-year basis. On average, equities 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 disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.2%. Prudential Financial's payout ratio is currently 119.73%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRU shares. JPMorgan Chase & Co. boosted their target price on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Barclays upped their price objective on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Wolfe Research started coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Morgan Stanley upped their price objective on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, Wells Fargo & Company decreased their price objective on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $122.08.

Insiders Place Their Bets

In related news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president directly owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.

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