Prudential Financial, Inc. $PRU Shares Acquired by SageView Advisory Group LLC

Key Points

• SageView Advisory Group increased its stake in Prudential by 409.5% in Q3, adding 12,808 shares to hold 15,936 shares valued at about $1.65 million.
• Major insider buying: Insurance Co. of America Prudential purchased 1,406,739 shares at an average $24.87 (~$35.0M), raising its stake to 7,709,624 shares (a 22.32% increase); insiders bought ~1.408M shares (~$35.15M) over the past three months.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60), implying a roughly 5.9% yield; the ex-dividend date was Feb 17 and payment is scheduled for Mar 12.

SageView Advisory Group LLC boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 409.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 15,936 shares of the financial services provider's stock after purchasing an additional 12,808 shares during the period. SageView Advisory Group LLC's holdings in Prudential Financial were worth $1,653,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new position in Prudential Financial during the second quarter worth about $36,000. Chilton Capital Management LLC grew its holdings in Prudential Financial by 146.5% in the third quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 208 shares during the period. AlphaCore Capital LLC purchased a new stake in Prudential Financial during the 2nd quarter worth $39,000. Capital A Wealth Management LLC grew its position in Prudential Financial by 4,600.0% in the second quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 368 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Prudential Financial during the second quarter worth about $51,000. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,406,739 shares of the firm's stock in a transaction that occurred on Friday, January 23rd. The stock was acquired at an average cost of $24.87 per share, with a total value of $34,985,598.93. Following the completion of the purchase, the insider owned 7,709,624 shares of the company's stock, valued at $191,738,348.88. This represents a 22.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph J. Wolk acquired 400 shares of the stock in a transaction dated Wednesday, February 11th. The shares were purchased at an average price of $105.32 per share, for a total transaction of $42,128.00. Following the completion of the purchase, the director directly owned 400 shares in the company, valued at $42,128. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 1,408,389 shares of company stock valued at $35,154,439. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of research analyst reports. Wells Fargo & Company downgraded Prudential Financial from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $115.00 to $103.00 in a research report on Wednesday, February 25th. Mizuho lowered their price objective on Prudential Financial from $126.00 to $113.00 and set a "neutral" rating on the stock in a report on Tuesday, February 10th. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, January 12th. Evercore reissued a "negative" rating on shares of Prudential Financial in a report on Friday, March 6th. Finally, Morgan Stanley dropped their target price on shares of Prudential Financial from $120.00 to $111.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $115.22.

Prudential Financial Price Performance

NYSE PRU opened at $94.90 on Thursday. The firm's 50 day moving average is $106.61 and its 200-day moving average is $106.81. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $33.02 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 1.10 and a beta of 0.98. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $119.76.

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

Prudential Financial Increases Dividend

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

About Prudential Financial

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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