Prudential Financial, Inc. (NYSE:PRU) Shares Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 9.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,279 shares of the financial services provider’s stock after purchasing an additional 195 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Prudential Financial were worth $270,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PRU. State Street Corp grew its holdings in shares of Prudential Financial by 0.3% during the third quarter. State Street Corp now owns 17,007,013 shares of the financial services provider’s stock worth $2,059,549,000 after buying an additional 49,830 shares in the last quarter. Geode Capital Management LLC grew its stake in Prudential Financial by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock worth $1,047,872,000 after acquiring an additional 341,787 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Prudential Financial by 1.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock valued at $370,327,000 after acquiring an additional 47,561 shares during the last quarter. FMR LLC boosted its holdings in shares of Prudential Financial by 31.3% during the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after purchasing an additional 344,254 shares during the last quarter. Finally, abrdn plc grew its position in shares of Prudential Financial by 4.0% in the third quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after purchasing an additional 50,026 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Wells Fargo & Company decreased their target price on shares of Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Piper Sandler dropped their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. TD Cowen lifted their price target on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Finally, Bank of America upped their price objective on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average price target of $125.31.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $120.52 on Friday. The company has a market capitalization of $42.91 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.13 and a beta of 1.31. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial, Inc. has a 1-year low of $100.60 and a 1-year high of $130.55. The business has a 50-day moving average of $120.95 and a 200-day moving average of $120.67.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter last year, the company earned $3.44 earnings per share. On average, equities analysts anticipate that Prudential Financial, Inc. will post 13.24 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.31%. The ex-dividend date was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is 46.22%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares in the company, valued at $133,465,780.56. This represents a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.31% of the stock is currently owned by company insiders.

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.