AlTi Global Inc. Raises Stake in Prudential Financial, Inc. $PRU

AlTi Global Inc. increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,315 shares of the financial services provider’s stock after purchasing an additional 239 shares during the period. AlTi Global Inc.’s holdings in Prudential Financial were worth $249,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Meeder Asset Management Inc. raised its holdings in shares of Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 111 shares in the last quarter. Cheviot Value Management LLC purchased a new stake in shares of Prudential Financial in the 1st quarter valued at about $26,000. North Capital Inc. purchased a new stake in shares of Prudential Financial in the 1st quarter valued at about $28,000. AlphaQuest LLC raised its holdings in shares of Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Finally, Clearstead Trust LLC raised its holdings in shares of Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 207 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

PRU opened at $102.23 on Friday. The stock’s 50 day simple moving average is $104.68 and its 200 day simple moving average is $104.27. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm has a market cap of $35.99 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 0.90 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The business had revenue of $8.35 billion for the quarter. As a group, analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.3%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 119.73%.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president directly owned 21,506 shares in the company, valued at $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PRU has been the topic of several recent analyst reports. Piper Sandler lowered their price target on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company lowered their price target on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Prudential Financial in a report on Saturday. Barclays decreased their price objective on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Prudential Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $122.27.

Prudential Financial Company Profile

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.