23,835 Shares in Prudential Financial, Inc. (NYSE:PRU) Bought by J.P. Morgan Private Wealth Advisors LLC

J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRUFree Report) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 23,835 shares of the financial services provider’s stock, valued at approximately $2,262,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sanctuary Wealth Management L.L.C. purchased a new position in Prudential Financial during the fourth quarter worth about $25,000. Fairfield Bush & CO. purchased a new position in Prudential Financial during the first quarter worth about $36,000. Union Savings Bank purchased a new position in Prudential Financial during the second quarter worth about $30,000. Coppell Advisory Solutions LLC purchased a new position in Prudential Financial during the second quarter worth about $28,000. Finally, Pacific Center for Financial Services purchased a new position in Prudential Financial during the first quarter worth about $27,000. 54.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on PRU. Morgan Stanley boosted their price target on shares of Prudential Financial from $105.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday. UBS Group lifted their price objective on shares of Prudential Financial from $97.00 to $108.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Raymond James lowered shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday. TheStreet raised shares of Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $118.00 price objective (down previously from $119.00) on shares of Prudential Financial in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.20.

Read Our Latest Research Report on PRU

Prudential Financial Stock Performance

NYSE PRU opened at $105.58 on Friday. The company’s 50 day moving average is $103.50 and its 200-day moving average is $97.52. Prudential Financial, Inc. has a 12-month low of $75.37 and a 12-month high of $109.63. The company has a quick ratio of 0.07, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The firm has a market cap of $38.11 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 0.69 and a beta of 1.37.

Prudential Financial (NYSE:PRUGet Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.09). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The business had revenue of $13.02 billion during the quarter, compared to the consensus estimate of $12.99 billion. During the same period last year, the firm earned $2.42 EPS. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. Sell-side analysts predict that Prudential Financial, Inc. will post 13.47 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 14th. Investors of record on Tuesday, February 20th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.93%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend is Friday, February 16th. Prudential Financial’s payout ratio is presently 74.74%.

Insiders Place Their Bets

In other news, SVP Timothy L. Schmidt sold 8,281 shares of Prudential Financial stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $94.49, for a total transaction of $782,471.69. Following the completion of the sale, the senior vice president now owns 14,621 shares in the company, valued at approximately $1,381,538.29. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Timothy L. Schmidt sold 8,281 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $94.49, for a total value of $782,471.69. Following the transaction, the senior vice president now directly owns 14,621 shares in the company, valued at $1,381,538.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kenneth Tanji sold 23,124 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $105.14, for a total transaction of $2,431,257.36. Following the completion of the transaction, the chief financial officer now owns 47,155 shares in the company, valued at $4,957,876.70. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Company Profile

(Free Report)

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 Annuities, Individual Life, Assurance IQ, and International Businesses segments.

Further Reading

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial, Inc. (NYSE:PRUFree Report).

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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