Prudential Financial, Inc. $PRU Shares Bought by Legal & General Group Plc

Key Points

• Legal & General Group Plc increased its stake in Prudential by 2.4% to 2,701,116 shares, owning about 0.77% of the company valued at roughly $280.2 million at the end of the quarter.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60), representing a 5.9% yield and up from the prior $1.35 payout.
• Prudential reported quarterly EPS of $3.30, missing the $3.37 consensus while revenue was $14.52 billion, and analysts' consensus rating is "Reduce" with a target of about $115.22.

Legal & General Group Plc grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,701,116 shares of the financial services provider's stock after purchasing an additional 62,366 shares during the quarter. Legal & General Group Plc owned approximately 0.77% of Prudential Financial worth $280,214,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Chilton Capital Management LLC increased its stake 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 last quarter. Darwin Wealth Management LLC purchased a new stake in Prudential Financial in the 2nd quarter valued at about $36,000. AlphaCore Capital LLC acquired a new position in shares of Prudential Financial during the 2nd quarter valued at about $39,000. Capital A Wealth Management LLC lifted its holdings in shares of Prudential Financial by 4,600.0% during the 2nd quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider's stock worth $39,000 after acquiring an additional 368 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Prudential Financial during the 2nd quarter worth about $51,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Trading Down 0.6%

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

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

Prudential Financial Increases Dividend

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

Insider Buying and Selling

In related news, Director Joseph J. Wolk acquired 400 shares of the business's stock in a transaction on Wednesday, February 11th. The shares were bought at an average cost of $105.32 per share, with a total value of $42,128.00. Following the completion of the transaction, the director directly owned 400 shares of the company's stock, valued at $42,128. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jacques Chappuis acquired 1,000 shares of Prudential Financial stock in a transaction on Friday, February 6th. The shares were bought at an average price of $100.97 per share, for a total transaction of $100,970.00. Following the purchase, the executive vice president owned 1,000 shares of the company's stock, valued at $100,970. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 1,408,389 shares of company stock valued at $35,154,439. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PRU shares. JPMorgan Chase & Co. lowered their target price on shares of Prudential Financial from $133.00 to $127.00 and set a "neutral" rating for the company in a report on Wednesday, February 4th. Wall Street Zen lowered shares of Prudential Financial from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Wells Fargo & Company cut shares of Prudential Financial from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $115.00 to $103.00 in a research note on Wednesday, February 25th. Weiss Ratings upgraded Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 12th. Finally, Piper Sandler lifted their target price on Prudential Financial from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Tuesday, December 23rd. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Prudential Financial has an average rating of "Reduce" and a consensus target price of $115.22.

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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