Prudential Financial, Inc. $PRU Position Raised by Raab & Moskowitz Asset Management LLC

Key Points

• Raab & Moskowitz Asset Management LLC increased its stake in Prudential Financial by 61.7%, now owning 11,882 shares valued at approximately $1.33 million.
• Major investors such as Invesco, Goldman Sachs, and Ameriprise Financial also raised their stakes in Prudential Financial, indicating strong institutional interest in the company.
• Prudential Financial's recent earnings report showed an EPS of $3.58, surpassing analysts' expectations, while also declaring a quarterly dividend of $1.35 to be paid on September 11th.

Raab & Moskowitz Asset Management LLC boosted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 61.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,882 shares of the financial services provider's stock after acquiring an additional 4,532 shares during the quarter. Raab & Moskowitz Asset Management LLC's holdings in Prudential Financial were worth $1,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV increased its stake in shares of Prudential Financial by 1.0% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 44,742 shares of the financial services provider's stock valued at $4,997,000 after purchasing an additional 432 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Prudential Financial by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 93,931 shares of the financial services provider's stock worth $10,478,000 after purchasing an additional 4,651 shares during the last quarter. Banque Transatlantique SA purchased a new stake in shares of Prudential Financial during the 1st quarter valued at about $310,000. AQR Capital Management LLC grew its position in Prudential Financial by 72.8% during the first quarter. AQR Capital Management LLC now owns 424,659 shares of the financial services provider's stock valued at $46,789,000 after buying an additional 178,888 shares during the period. Finally, Amundi boosted its stake in shares of Prudential Financial by 14.1% during the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider's stock worth $183,571,000 after acquiring an additional 216,119 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Price Performance

Prudential Financial stock traded up $0.19 during midday trading on Wednesday, reaching $105.73. The company had a trading volume of 1,370,495 shares, compared to its average volume of 1,754,463. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The firm's fifty day simple moving average is $105.78 and its 200-day simple moving average is $105.59. The company has a market capitalization of $37.22 billion, a P/E ratio of 23.44, a P/E/G ratio of 0.94 and a beta of 1.07. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same quarter in the previous year, the company earned $3.39 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a $1.35 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Piper Sandler reduced their price objective on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley increased their price objective on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Wells Fargo & Company decreased their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $122.08.

Insider Buying and Selling

In other news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the sale, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Company 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.