Zega Financial LLC Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Zega Financial LLC boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,202 shares of the financial services provider’s stock after acquiring an additional 101 shares during the period. Zega Financial LLC’s holdings in Prudential Financial were worth $258,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Prudential Financial by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after buying an additional 5,154,865 shares in the last quarter. AustralianSuper Pty Ltd boosted its position in shares of Prudential Financial by 2.8% during the 2nd quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock valued at $145,027,000 after acquiring an additional 34,160 shares during the last quarter. Norges Bank purchased a new stake in shares of Prudential Financial in the fourth quarter valued at about $113,478,000. Federated Hermes Inc. increased its position in Prudential Financial by 8.8% during the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock worth $120,181,000 after purchasing an additional 82,620 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in Prudential Financial by 0.4% during the fourth quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock worth $104,080,000 after purchasing an additional 4,006 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Up 0.9 %

Shares of PRU opened at $118.75 on Wednesday. The company’s 50-day simple moving average is $117.90 and its 200-day simple moving average is $116.13. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The stock has a market capitalization of $42.39 billion, a PE ratio of 20.20, a P/E/G ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last released its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. Analysts forecast that Prudential Financial, Inc. will post 13.31 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.38%. Prudential Financial’s payout ratio is 88.44%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PRU shares. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Citigroup raised their target price on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group decreased their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Morgan Stanley cut their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and an average target price of $120.83.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

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.