Insider Buying: Prudential Financial, Inc. (NYSE:PRU) Major Shareholder Acquires 1,675,978 Shares of Stock

Prudential Financial, Inc. (NYSE:PRU - Get Free Report) major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was acquired 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 now directly owns 3,168,461 shares of the company's stock, valued at $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Insurance Co Of Ame Prudential also recently made the following trade(s):

• On Tuesday, March 25th, Insurance Co Of Ame Prudential purchased 52,595 shares of Prudential Financial stock. The shares were purchased at an average cost of $28.52 per share, for a total transaction of $1,500,009.40.

Prudential Financial Stock Up 1.2%

Shares of NYSE PRU traded up $1.28 during trading on Wednesday, hitting $104.67. 153,663 shares of the company traded hands, compared to its average volume of 1,642,520. The firm has a market capitalization of $37.05 billion, a price-to-earnings ratio of 16.59, a P/E/G ratio of 1.00 and a beta of 1.07. The business's fifty day moving average is $103.22 and its 200 day moving average is $110.69. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55.

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

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were paid a $1.35 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.16%. Prudential Financial's payout ratio is presently 85.58%.

Institutional Trading of Prudential Financial

A number of hedge funds have recently bought and sold shares of PRU. Brighton Jones LLC raised its stake in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after acquiring an additional 133 shares during the period. Van ECK Associates Corp lifted its stake in shares of Prudential Financial by 4.3% during the 4th quarter. Van ECK Associates Corp now owns 18,364 shares of the financial services provider's stock valued at $2,177,000 after buying an additional 764 shares in the last quarter. Montag A & Associates Inc. boosted its holdings in Prudential Financial by 39.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,325 shares of the financial services provider's stock worth $157,000 after buying an additional 375 shares during the period. Principal Securities Inc. grew its stake in Prudential Financial by 5.6% in the 4th quarter. Principal Securities Inc. now owns 14,593 shares of the financial services provider's stock valued at $1,730,000 after buying an additional 770 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Prudential Financial by 96.8% during the fourth quarter. Allworth Financial LP now owns 10,919 shares of the financial services provider's stock worth $1,281,000 after acquiring an additional 5,370 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Piper Sandler reduced their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. JPMorgan Chase & Co. cut their target price on shares of Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Barclays lowered their price objective on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley increased their target price on Prudential Financial from $108.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $120.15.

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.

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