Prana Capital Management LP Makes New $18.21 Million Investment in Prudential Financial, Inc. $PRU

Key Points

• Prana Capital Management LP acquired a new stake of 175,490 shares in Prudential Financial (NYSE:PRU) valued at about $18.21 million, representing roughly 0.05% of the company.
• Insiders purchased a total of 1,408,389 shares in the past three months worth about $35.15 million, lifting insider ownership to 0.25%.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60, a 5.9% yield); the company also reported Q earnings of $3.30 EPS, missing estimates by $0.07 while revenue was a slight beat at $14.52 billion.

Prana Capital Management LP acquired a new stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 175,490 shares of the financial services provider's stock, valued at approximately $18,205,000. Prana Capital Management LP owned about 0.05% of Prudential Financial as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Summit Global Investments raised its stake in Prudential Financial by 1.3% in the 2nd quarter. Summit Global Investments now owns 7,609 shares of the financial services provider's stock valued at $817,000 after acquiring an additional 100 shares during the period. Mindset Wealth Management LLC boosted its position in Prudential Financial by 2.1% during the third quarter. Mindset Wealth Management LLC now owns 4,781 shares of the financial services provider's stock worth $496,000 after purchasing an additional 100 shares during the period. Woodward Diversified Capital LLC increased its holdings in shares of Prudential Financial by 1.4% in the third quarter. Woodward Diversified Capital LLC now owns 7,662 shares of the financial services provider's stock valued at $795,000 after purchasing an additional 103 shares during the last quarter. Pitcairn Co. raised its position in shares of Prudential Financial by 2.7% in the second quarter. Pitcairn Co. now owns 3,973 shares of the financial services provider's stock valued at $427,000 after purchasing an additional 104 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC lifted its stake in shares of Prudential Financial by 20.5% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 642 shares of the financial services provider's stock worth $67,000 after buying an additional 109 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Prudential Financial news, EVP Jacques Chappuis purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The stock was bought at an average cost of $100.97 per share, with a total value of $100,970.00. Following the completion of the transaction, the executive vice president owned 1,000 shares of the company's stock, valued at $100,970. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph J. Wolk acquired 400 shares of the business's stock in a transaction on Wednesday, February 11th. The stock was acquired at an average cost of $105.32 per share, for a total transaction of $42,128.00. Following the transaction, the director owned 400 shares of the company's stock, valued at approximately $42,128. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 1,408,389 shares of company stock valued at $35,154,439. Insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

PRU stock opened at $94.50 on Wednesday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $119.76. The company's fifty day simple moving average is $104.81 and its 200 day simple moving average is $106.33. The firm has a market cap of $32.89 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 1.14 and a beta of 0.98.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 EPS for the quarter, missing analysts' consensus estimates of $3.37 by ($0.07). Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.The company had revenue of $14.52 billion for the quarter, compared to the consensus estimate of $14.48 billion. During the same period in the prior year, the firm posted $2.96 earnings per share. On average, analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Tuesday, February 17th were issued a $1.40 dividend. This is a boost from Prudential Financial's previous quarterly dividend of $1.35. This represents a $5.60 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Tuesday, February 17th. Prudential Financial's dividend payout ratio is currently 56.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PRU shares. Morgan Stanley decreased their price target on shares of Prudential Financial from $120.00 to $111.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 3rd. Barclays reduced their price objective on Prudential Financial from $124.00 to $119.00 and set an "equal weight" rating for the company in a report on Wednesday, March 11th. Mizuho lowered their target price on Prudential Financial from $126.00 to $113.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 10th. Piper Sandler boosted their price target on Prudential Financial from $110.00 to $120.00 and gave the company a "neutral" rating in a research note on Tuesday, December 23rd. Finally, UBS Group lifted their price target on Prudential Financial from $111.00 to $116.00 and gave the company a "neutral" rating in a research note on Thursday, January 8th. Nine research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of "Reduce" and a consensus target price of $115.22.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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