Praxis Investment Management Inc. Raises Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Praxis Investment Management Inc. boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 20.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 16,520 shares of the financial services provider's stock after acquiring an additional 2,790 shares during the period. Praxis Investment Management Inc.'s holdings in Prudential Financial were worth $1,845,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Advisor Resource Council acquired a new position in Prudential Financial during the first quarter worth $351,000. Proathlete Wealth Management LLC purchased a new stake in shares of Prudential Financial during the first quarter worth $49,000. Abundance Wealth Counselors grew its holdings in shares of Prudential Financial by 8.3% during the first quarter. Abundance Wealth Counselors now owns 18,482 shares of the financial services provider's stock worth $2,064,000 after buying an additional 1,409 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Prudential Financial by 25.6% during the first quarter. Avior Wealth Management LLC now owns 10,362 shares of the financial services provider's stock worth $1,157,000 after buying an additional 2,112 shares in the last quarter. Finally, Centennial Wealth Advisory LLC grew its holdings in shares of Prudential Financial by 10.3% during the first quarter. Centennial Wealth Advisory LLC now owns 4,739 shares of the financial services provider's stock worth $529,000 after buying an additional 442 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 0.2%

Shares of PRU opened at $104.31 on Friday. The stock has a market capitalization of $36.93 billion, a PE ratio of 16.53, a P/E/G ratio of 0.99 and a beta of 1.07. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. The company's 50-day simple moving average is $103.44 and its 200-day simple moving average is $110.32.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping analysts' consensus estimates of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The company had revenue of $13.61 billion for the quarter, compared to analysts' expectations of $14.76 billion. During the same quarter last year, the company earned $3.12 earnings per share. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. Analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a dividend of $1.35 per share. The ex-dividend date was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.18%. Prudential Financial's payout ratio is currently 85.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays dropped their target price on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods dropped 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 report on Wednesday, May 7th. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Monday, June 16th. Piper Sandler dropped their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Wells Fargo & Company upped their price objective on shares of Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $120.15.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the transaction, the insider now owns 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

Prudential Financial 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.