Russell Investments Group Ltd. Acquires 94,819 Shares of Prudential Financial, Inc. $PRU

Key Points

• Russell Investments Group Ltd. boosted its stake in Prudential by 28.1%, buying 94,819 shares to hold 432,375 shares (about 0.12% of the company) valued at roughly $44.86 million.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60), implying a 5.9% yield and a dividend payout ratio of 56%.
• A major related-party insider, Insurance Co Of Ame Prudential, purchased 1,406,739 shares at $24.87 (≈$34.99 million), and insiders bought roughly 1,408,389 shares (~$35.15 million) in the past 90 days.

Russell Investments Group Ltd. grew its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 28.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 432,375 shares of the financial services provider's stock after acquiring an additional 94,819 shares during the period. Russell Investments Group Ltd. owned 0.12% of Prudential Financial worth $44,860,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Summit Global Investments boosted its holdings in Prudential Financial by 1.3% in the second quarter. Summit Global Investments now owns 7,609 shares of the financial services provider's stock worth $817,000 after purchasing an additional 100 shares in the last quarter. Woodward Diversified Capital LLC raised its holdings in Prudential Financial by 1.4% during the third quarter. Woodward Diversified Capital LLC now owns 7,662 shares of the financial services provider's stock valued at $795,000 after buying an additional 103 shares in the last quarter. Pitcairn Co. raised its holdings in Prudential Financial by 2.7% during the second quarter. Pitcairn Co. now owns 3,973 shares of the financial services provider's stock valued at $427,000 after buying an additional 104 shares in the last quarter. Moisand Fitzgerald Tamayo LLC lifted its position in shares of Prudential Financial by 20.5% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 642 shares of the financial services provider's stock worth $67,000 after buying an additional 109 shares during the last quarter. Finally, Savant Capital LLC boosted its stake in shares of Prudential Financial by 0.6% during the 2nd quarter. Savant Capital LLC now owns 17,811 shares of the financial services provider's stock worth $1,914,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PRU shares. Evercore reissued a "negative" rating on shares of Prudential Financial in a research note on Friday, March 6th. UBS Group increased their price target on Prudential Financial from $111.00 to $116.00 and gave the company a "neutral" rating in a report on Thursday, January 8th. JPMorgan Chase & Co. dropped their price target on shares of Prudential Financial from $133.00 to $127.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 4th. Weiss Ratings raised shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 12th. Finally, Piper Sandler raised their target price on shares of Prudential Financial from $110.00 to $120.00 and gave the company a "neutral" rating in a research note on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $115.22.

Prudential Financial Stock Performance

PRU opened at $94.90 on Thursday. 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 stock's 50 day moving average price is $106.61 and its two-hundred day moving average price is $106.81. The firm has a market capitalization of $33.02 billion, a P/E 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 posted its quarterly earnings results 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 company had revenue of $14.52 billion during the quarter, compared to analyst estimates of $14.48 billion. During the same quarter in the prior year, the business earned $2.96 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Tuesday, February 17th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Prudential Financial's previous quarterly dividend of $1.35. This represents a $5.60 dividend on an annualized basis and a yield of 5.9%. Prudential Financial's dividend payout ratio (DPR) is presently 56.00%.

Insider Buying and Selling

In related news, Director Thomas D. Stoddard bought 250 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was acquired at an average cost of $102.97 per share, with a total value of $25,742.50. Following the acquisition, the director owned 250 shares in the company, valued at approximately $25,742.50. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the firm's stock in a transaction that occurred on Friday, January 23rd. The stock was bought at an average cost of $24.87 per share, for a total transaction of $34,985,598.93. Following the purchase, the insider owned 7,709,624 shares in the company, valued at $191,738,348.88. This represents a 22.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 1,408,389 shares of company stock valued at $35,154,439. 0.25% of the stock is currently owned by company insiders.

Prudential Financial Profile

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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