Insider Buying: Prudential Financial, Inc. (NYSE:PRU) Major Shareholder Purchases 652,884 Shares of Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of Prudential Financial stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Prudential Financial Stock Performance

NYSE:PRU opened at $118.59 on Wednesday. The business has a 50 day moving average of $115.87 and a 200 day moving average of $110.65. The company has a market capitalization of $42.57 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 0.88 and a beta of 1.35. Prudential Financial, Inc. has a 1-year low of $84.02 and a 1-year high of $121.39. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. During the same quarter in the previous year, the firm posted $2.66 EPS. The business’s revenue for the quarter was up 69.9% compared to the same quarter last year. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.41 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a $1.30 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.38%. Prudential Financial’s payout ratio is currently 88.44%.

Institutional Trading of Prudential Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cambridge Trust Co. lifted its position in Prudential Financial by 77.2% in the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 105 shares during the last quarter. Creekmur Asset Management LLC lifted its stake in Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 108 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Prudential Financial in the fourth quarter worth $26,000. Crewe Advisors LLC purchased a new stake in Prudential Financial in the first quarter worth $33,000. Finally, Headinvest LLC purchased a new stake in Prudential Financial in the third quarter worth $27,000. Institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PRU shares. Wells Fargo & Company lifted their target price on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a report on Thursday, April 11th. Jefferies Financial Group raised Prudential Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $121.00 to $143.00 in a report on Wednesday, May 22nd. Piper Sandler cut their price objective on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Evercore ISI boosted their price objective on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods boosted their price objective on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $115.25.

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.