Prudential Financial, Inc. (NYSE:PRU) Stock Position Raised by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC lifted its position in Prudential Financial, Inc. (NYSE:PRU) by 1,312.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,934 shares of the financial services provider’s stock after buying an additional 25,027 shares during the quarter. Strategic Financial Concepts LLC’s holdings in Prudential Financial were worth $32,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Great Lakes Advisors LLC increased its stake in shares of Prudential Financial by 2.4% during the 2nd quarter. Great Lakes Advisors LLC now owns 534,834 shares of the financial services provider’s stock worth $62,677,000 after purchasing an additional 12,577 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in Prudential Financial by 686.0% during the second quarter. Illinois Municipal Retirement Fund now owns 102,720 shares of the financial services provider’s stock worth $12,038,000 after buying an additional 89,652 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in Prudential Financial by 6.9% during the second quarter. Cullen Frost Bankers Inc. now owns 7,512 shares of the financial services provider’s stock valued at $880,000 after buying an additional 487 shares in the last quarter. Patron Partners LLC lifted its position in shares of Prudential Financial by 3.9% in the second quarter. Patron Partners LLC now owns 5,599 shares of the financial services provider’s stock worth $656,000 after buying an additional 212 shares during the last quarter. Finally, Commonwealth Retirement Investments LLC increased its holdings in shares of Prudential Financial by 1.2% during the 2nd quarter. Commonwealth Retirement Investments LLC now owns 13,798 shares of the financial services provider’s stock valued at $1,617,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

PRU opened at $114.72 on Thursday. The stock’s 50 day simple moving average is $117.95 and its 200-day simple moving average is $115.82. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The stock has a market cap of $41.18 billion, a PE ratio of 19.51, a P/E/G ratio of 0.88 and a beta of 1.30. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52.

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

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRU. JPMorgan Chase & Co. boosted their target price on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Citigroup raised their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company raised shares of Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 target price for the company in a research report on Monday, August 12th. Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $120.83.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The disclosure for this sale can be found here. Corporate 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.