Proffitt & Goodson Inc. Boosts Stock Position in Prudential Financial, Inc. $PRU

Proffitt & Goodson Inc. grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 12.7% during the second quarter, Holdings Channel reports. The institutional investor owned 871 shares of the financial services provider’s stock after buying an additional 98 shares during the period. Proffitt & Goodson Inc.’s holdings in Prudential Financial were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its holdings in Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 111 shares in the last quarter. AlphaQuest LLC raised its holdings in Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock valued at $28,000 after buying an additional 245 shares during the period. North Capital Inc. purchased a new stake in Prudential Financial during the 1st quarter valued at $28,000. Cheviot Value Management LLC purchased a new stake in Prudential Financial during the 1st quarter valued at $26,000. Finally, Clearstead Trust LLC grew its position in 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 during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $103.68 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $36.49 billion, a PE ratio of 22.99, a P/E/G ratio of 0.91 and a beta of 1.04. The business has a 50-day simple moving average of $105.18 and a two-hundred day simple moving average of $104.74. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company earned $3.39 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial’s payout ratio is 119.73%.

Insider Activity at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares of the company’s stock, valued at $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRU. Wells Fargo & Company cut their price objective on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 16th. Piper Sandler dropped their price target on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 16th. Wolfe Research initiated coverage on Prudential Financial in a research note on Tuesday, September 16th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. lifted their target price on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Finally, Barclays lifted their target price on Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $122.17.

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.