Grant Private Wealth Management Inc Buys New Shares in Prudential Financial, Inc. $PRU

Key Points

• Grant Private Wealth Management Inc made a new investment of $277,000 in Prudential Financial, purchasing 2,580 shares during the second quarter.
• Prudential Financial has seen mixed analyst ratings, with price targets ranging from $110 to $136, and an average rating of "Hold".
• The company recently declared a quarterly dividend of $1.35 per share, yielding 5.2% annually, despite a payout ratio of 119.73%.

Grant Private Wealth Management Inc purchased a new position in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,580 shares of the financial services provider's stock, valued at approximately $277,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SPC Financial Inc. boosted its stake in shares of Prudential Financial by 2.6% during the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock valued at $444,000 after buying an additional 100 shares during the period. NorthCrest Asset Manangement LLC boosted its stake in shares of Prudential Financial by 3.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after buying an additional 101 shares during the period. Thrive Wealth Management LLC boosted its stake in shares of Prudential Financial by 2.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider's stock valued at $430,000 after buying an additional 101 shares during the period. Principle Wealth Partners LLC boosted its stake in shares of Prudential Financial by 0.3% during the 1st quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock valued at $4,723,000 after buying an additional 109 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after buying an additional 111 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRU. Wolfe Research began coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They issued a "peer perform" rating for the company. UBS Group dropped their price objective 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 research note on Wednesday, July 16th. Barclays upped their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Finally, Piper Sandler lowered 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 note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $122.08.

Insider Activity

In other news, EVP Ann M. Kappler sold 4,000 shares of the 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 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Price Performance

Shares of PRU traded down $0.69 during mid-day trading on Monday, hitting $102.90. 1,439,552 shares of the company traded hands, compared to its average volume of 1,761,198. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average of $105.30 and a 200 day moving average of $105.15. The stock has a market capitalization of $36.22 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 0.92 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share 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 business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same period in the prior year, the business posted $3.39 earnings per share. Prudential Financial's revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were given 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 dividend payout ratio is currently 119.73%.

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.