New Century Financial Group LLC Buys Shares of 10,562 Prudential Financial, Inc. $PRU

Key Points

• New Century Financial Group LLC has acquired 10,562 shares of Prudential Financial, valued at approximately $1,135,000, making it 1.3% of their portfolio.
• Prudential Financial announced a quarterly dividend of $1.35, which represents a 5.3% dividend yield with a payout ratio of approximately 119.73%.
• Wall Street analysts currently hold a consensus rating of "Hold" for Prudential Financial, with a price target averaging $122.08.

New Century Financial Group LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,562 shares of the financial services provider's stock, valued at approximately $1,135,000. Prudential Financial accounts for approximately 1.3% of New Century Financial Group LLC's portfolio, making the stock its 28th biggest holding.

Several other institutional investors have also added to or reduced their stakes in PRU. Meeder Asset Management Inc. raised its position in shares of Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 111 shares during the period. Cheviot Value Management LLC bought a new stake in shares of Prudential Financial during the 1st quarter valued at $26,000. North Capital Inc. bought a new position in Prudential Financial in the 1st quarter worth about $28,000. AlphaQuest LLC grew its holdings in Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after buying an additional 245 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Prudential Financial during the first quarter valued at about $30,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wolfe Research began coverage on shares of Prudential Financial in a research report on Tuesday, September 16th. They set a "peer perform" rating for the company. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Piper Sandler dropped 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, July 16th. Morgan Stanley increased their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. Finally, Wells Fargo & Company dropped their price objective 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, July 16th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Stock Performance

NYSE:PRU opened at $101.87 on Friday. 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 fifty-two week low of $90.38 and a fifty-two week high of $130.55. The firm has a market cap of $35.86 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 0.91 and a beta of 1.04. The business has a 50 day moving average price of $105.21 and a 200-day moving average price of $104.91.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. The company had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm's revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $3.39 EPS. Equities research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.3%. Prudential Financial's dividend payout ratio (DPR) is presently 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.

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