Tepp RIA LLC Purchases Shares of 3,085 Prudential Financial, Inc. (NYSE:PRU)

Tepp RIA LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,085 shares of the financial services provider's stock, valued at approximately $345,000. Prudential Financial accounts for about 0.5% of Tepp RIA LLC's portfolio, making the stock its 18th largest position.

Several other hedge funds have also modified their holdings of PRU. Exchange Traded Concepts LLC grew its position in Prudential Financial by 9.7% during the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 222 shares during the period. Bridgewater Associates LP lifted its stake in shares of Prudential Financial by 41.8% in the 4th quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider's stock valued at $46,031,000 after purchasing an additional 114,459 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of Prudential Financial by 9.0% during the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after purchasing an additional 2,913 shares during the period. Verity & Verity LLC raised its holdings in Prudential Financial by 3.6% in the first quarter. Verity & Verity LLC now owns 189,321 shares of the financial services provider's stock valued at $21,143,000 after buying an additional 6,620 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Prudential Financial by 3.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 79,888 shares of the financial services provider's stock valued at $8,922,000 after buying an additional 2,623 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price objective on shares of Prudential Financial from $108.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Monday, June 16th. Keefe, Bruyette & Woods reduced their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Piper Sandler decreased their target price on Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, UBS Group dropped their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $120.15.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider now directly owns 3,168,461 shares of the company's stock, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Price Performance

PRU stock opened at $106.88 on Friday. The stock's 50 day moving average is $103.94 and its two-hundred day moving average is $109.78. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The company has a market capitalization of $37.84 billion, a PE ratio of 16.94, a P/E/G ratio of 1.01 and a beta of 1.07. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion during the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The business's revenue was down 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.12 earnings per share. Analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.05%. Prudential Financial's dividend payout ratio (DPR) is 85.58%.

About Prudential Financial

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.

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