Modern Wealth Management LLC Acquires 478 Shares of Prudential Financial, Inc. (NYSE:PRU)

Modern Wealth Management LLC increased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 13.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,975 shares of the financial services provider’s stock after buying an additional 478 shares during the quarter. Modern Wealth Management LLC’s holdings in Prudential Financial were worth $446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Grove Bank & Trust lifted its position in shares of Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial during the fourth quarter valued at $29,000. CGC Financial Services LLC boosted its stake in shares of Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. bought a new stake in shares of Prudential Financial in the 4th quarter worth about $33,000. Finally, Quarry LP lifted its holdings in Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 222 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 0.9 %

PRU opened at $114.50 on Friday. The firm’s fifty day moving average is $113.27 and its two-hundred day moving average is $118.95. The firm has a market cap of $40.99 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.72%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was purchased at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the acquisition, the insider now owns 139,987 shares of the company’s stock, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PRU. Barclays upped their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Piper Sandler dropped their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Morgan Stanley reduced their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company lifted their price target on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $126.15.

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.