Merit Financial Group LLC raised its stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 136.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,627 shares of the financial services provider’s stock after acquiring an additional 3,824 shares during the quarter. Merit Financial Group LLC’s holdings in Prudential Financial were worth $785,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in PRU. Avanza Fonder AB bought a new position in Prudential Financial during the fourth quarter valued at about $3,423,000. Procyon Advisors LLC increased its position in shares of Prudential Financial by 52.2% during the fourth quarter. Procyon Advisors LLC now owns 27,129 shares of the financial services provider’s stock valued at $3,216,000 after purchasing an additional 9,308 shares during the period. Goldstone Financial Group LLC lifted its position in Prudential Financial by 6.5% in the fourth quarter. Goldstone Financial Group LLC now owns 3,754 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 229 shares during the period. Constitution Capital LLC acquired a new stake in Prudential Financial during the fourth quarter worth $284,000. Finally, Ritholtz Wealth Management raised its stake in shares of Prudential Financial by 4.1% in the 4th quarter. Ritholtz Wealth Management now owns 9,089 shares of the financial services provider’s stock valued at $1,077,000 after buying an additional 360 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.
Insider Transactions at Prudential Financial
In other news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now owns 4,780,293 shares in the company, valued at $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is owned by insiders.
Prudential Financial Price Performance
Prudential Financial (NYSE:PRU – Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the prior year, the company earned $3.44 earnings per share. On average, equities research analysts forecast that Prudential Financial, Inc. will post 13.34 earnings per share for the current year.
Prudential Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on PRU shares. TD Cowen raised their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Piper Sandler decreased their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Barclays dropped their target price on Prudential Financial from $129.00 to $127.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Bank of America lifted their price objective on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, Jefferies Financial Group upped their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Eleven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $127.25.
Check Out Our Latest Report on PRU
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.
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