Summit Financial LLC Has $888,000 Position in Prudential Financial, Inc. $PRU

Key Points

• Summit Financial LLC increased its stake in Prudential Financial, Inc. by 65.7%, bringing its holdings to $888,000 as of the end of the last reporting period.
• Prudential Financial recently reported earnings of $3.58 per share, exceeding analysts' expectations and generating revenue of $13.50 billion in the last quarter.
• Prudential Financial declared a quarterly dividend of $1.35 per share, resulting in an annualized yield of 4.9%, with a dividend payout ratio of 119.73%.

Summit Financial LLC lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 65.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,949 shares of the financial services provider's stock after acquiring an additional 3,151 shares during the quarter. Summit Financial LLC's holdings in Prudential Financial were worth $888,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. SPC Financial Inc. increased its stake in shares of Prudential Financial by 2.6% during the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock valued at $444,000 after acquiring an additional 100 shares during the period. NorthCrest Asset Manangement LLC increased its stake in shares of Prudential Financial by 3.8% during the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after acquiring an additional 101 shares during the period. Principle Wealth Partners LLC increased its stake in shares of Prudential Financial by 0.3% during the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock valued at $4,723,000 after acquiring an additional 109 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Prudential Financial by 90.2% during the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 111 shares during the period. Finally, Northcape Wealth Management LLC increased its stake in shares of Prudential Financial by 5.8% during the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock valued at $235,000 after acquiring an additional 115 shares during the period. 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 acquired 1,675,978 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the purchase, 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 position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Trading Up 0.8%

Prudential Financial stock traded up $0.92 during midday trading on Friday, reaching $109.66. The stock had a trading volume of 296,493 shares, compared to its average volume of 1,759,089. The firm's fifty day simple moving average is $105.62 and its two-hundred day simple moving average is $105.83. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. 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 has a market cap of $38.60 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $13.47 billion. During the same quarter last year, the business posted $3.39 EPS. The company's revenue was down 2.5% on a year-over-year basis. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 4.9%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. Keefe, Bruyette & Woods reduced their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Wells Fargo & Company reduced their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. Finally, Piper Sandler reduced their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Prudential Financial currently has a consensus rating of "Hold" and an average target price of $122.08.

Prudential Financial 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.