Cornerstone Wealth Group LLC Has $7.50 Million Stake in Prudential Financial, Inc. (NYSE:PRU)

Cornerstone Wealth Group LLC lifted its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 14.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,132 shares of the financial services provider's stock after acquiring an additional 8,695 shares during the quarter. Cornerstone Wealth Group LLC's holdings in Prudential Financial were worth $7,497,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial in the 1st quarter worth about $30,000. Hopwood Financial Services Inc. acquired a new position in Prudential Financial in the fourth quarter valued at approximately $34,000. Lee Danner & Bass Inc. acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $35,000. TCTC Holdings LLC acquired a new position in Prudential Financial during the 4th quarter valued at approximately $37,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Prudential Financial in the fourth quarter worth $38,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the purchase, the insider now directly owns 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on PRU. Morgan Stanley lifted their price objective on shares of Prudential Financial from $108.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Piper Sandler lowered their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. JPMorgan Chase & Co. decreased their price target on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. Wells Fargo & Company boosted their price objective on Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $120.15.

Prudential Financial Stock Up 0.7%

NYSE:PRU traded up $0.75 during trading hours on Tuesday, reaching $106.35. The company's stock had a trading volume of 1,762,230 shares, compared to its average volume of 1,649,409. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The business's 50-day moving average is $103.53 and its 200-day moving average is $109.94. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17. The company has a market cap of $37.65 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 1.00 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $3.18 by $0.11. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The company's quarterly revenue was down 38.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.12 earnings per share. Equities research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current 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 given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.08%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's dividend payout ratio is currently 85.58%.

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.