Insider Buying: Prudential Financial, Inc. (NYSE:PRU) Major Shareholder Acquires 261,059 Shares of Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $123.72 on Friday. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. The business has a fifty day moving average price of $116.93 and a 200-day moving average price of $117.15. The company has a market capitalization of $44.42 billion, a PE ratio of 21.04, a PEG ratio of 0.97 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share 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 company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. As a group, equities analysts expect that Prudential Financial, Inc. will post 13.28 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.20%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays assumed coverage on Prudential Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price for the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Morgan Stanley decreased their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, Jefferies Financial Group decreased their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $123.69.

Institutional Investors Weigh In On Prudential Financial

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Prudential Financial by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares during the last quarter. AQR Capital Management LLC boosted its position in Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock worth $84,874,000 after purchasing an additional 357,300 shares during the last quarter. Swedbank AB purchased a new position in Prudential Financial in the first quarter worth about $35,855,000. Legal & General Group Plc boosted its position in Prudential Financial by 9.4% in the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after purchasing an additional 305,143 shares during the last quarter. Finally, Gillson Capital LP purchased a new position in Prudential Financial in the fourth quarter worth about $16,536,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

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.