Impact Partnership Wealth LLC Acquires 4,448 Shares of Prudential Financial, Inc. (NYSE:PRU)

Impact Partnership Wealth LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 65.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,287 shares of the financial services provider's stock after acquiring an additional 4,448 shares during the quarter. Impact Partnership Wealth LLC's holdings in Prudential Financial were worth $1,261,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PRU. North Capital Inc. acquired a new position in shares of Prudential Financial in the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Prudential Financial in the first quarter valued at approximately $30,000. Lee Danner & Bass Inc. acquired a new position in shares of Prudential Financial in the fourth quarter valued at approximately $35,000. Park Place Capital Corp increased its stake in shares of Prudential Financial by 1,841.2% in the first quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock valued at $37,000 after buying an additional 313 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Prudential Financial in the fourth quarter valued at approximately $38,000. Institutional investors own 56.83% of the company's stock.

Prudential Financial Trading Up 0.2%

Shares of PRU traded up $0.18 during mid-day trading on Friday, hitting $103.31. 1,314,951 shares of the company's stock traded hands, compared to its average volume of 1,664,214. The firm has a market capitalization of $36.57 billion, a P/E ratio of 16.37, a PEG ratio of 1.02 and a beta of 1.07. The business's 50-day moving average price is $105.31 and its 200-day moving average price is $108.40. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. 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 quarterly 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 return on equity of 15.84% and a net margin of 3.84%. The company had revenue of $13.61 billion for the quarter, compared to analysts' expectations of $14.76 billion. During the same period in the prior year, the firm earned $3.12 earnings per share. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's payout ratio is currently 85.58%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRU shares. Morgan Stanley lowered their price objective on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Piper Sandler decreased their target price 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. UBS Group decreased 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 report on Tuesday, May 27th. Keefe, Bruyette & Woods decreased their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded shares of Prudential Financial from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $121.62.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the stock in a transaction on Monday, June 16th. The shares were bought at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is currently owned by 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.