Geode Capital Management LLC Boosts Holdings in Prudential Financial, Inc. (NYSE:PRU)

Geode Capital Management LLC increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 2.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,856,360 shares of the financial services provider’s stock after acquiring an additional 193,681 shares during the period. Geode Capital Management LLC’s holdings in Prudential Financial were worth $1,050,635,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Avanza Fonder AB purchased a new position in shares of Prudential Financial in the 4th quarter valued at approximately $3,423,000. Gateway Investment Advisers LLC lifted its position in Prudential Financial by 56.1% during the fourth quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after buying an additional 7,907 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Prudential Financial by 3.9% during the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after buying an additional 15,695 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Prudential Financial by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock worth $9,597,000 after buying an additional 1,765 shares during the period. Finally, HighTower Advisors LLC increased its stake in shares of Prudential Financial by 18.7% in the 3rd quarter. HighTower Advisors LLC now owns 69,542 shares of the financial services provider’s stock worth $8,395,000 after acquiring an additional 10,964 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

NYSE PRU opened at $112.83 on Thursday. The stock has a market capitalization of $40.39 billion, a PE ratio of 15.10, a P/E/G ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 1-year low of $104.45 and a 1-year high of $130.55. The business has a 50 day simple moving average of $112.69 and a two-hundred day simple moving average of $118.87. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

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

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a $1.35 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 4.79%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. UBS Group reduced their price objective on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating for the company in a research report on Wednesday. BMO Capital Markets assumed coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. Wells Fargo & Company lifted their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $126.08.

Insider Activity

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

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.