OP Asset Management Ltd purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 35,648 shares of the financial services provider’s stock, valued at approximately $3,482,000.
Other hedge funds also recently added to or reduced their stakes in the company. Jessup Wealth Management Inc purchased a new stake in Prudential Financial during the 4th quarter valued at $25,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth $26,000. Salomon & Ludwin LLC lifted its holdings in shares of Prudential Financial by 98.3% during the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 114 shares in the last quarter. Lodestone Wealth Management LLC bought a new stake in Prudential Financial in the 4th quarter worth about $28,000. Finally, Coston McIsaac & Partners lifted its stake in Prudential Financial by 93.4% during the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 128 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on PRU shares. Morgan Stanley reissued an “underweight” rating and set a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a report on Monday, May 4th. Mizuho lifted their price objective on Prudential Financial from $96.00 to $101.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. BMO Capital Markets lowered their target price on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, April 23rd. UBS Group cut their price target on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company a “market perform” rating in a research report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $101.92.
Prudential Financial Stock Performance
Shares of PRU opened at $108.38 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $102.51 and a two-hundred day simple moving average of $104.28. The stock has a market cap of $37.61 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.95 and a beta of 0.86. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $119.76.
Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The business had revenue of $15.23 billion during the quarter, compared to analyst estimates of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same period in the prior year, the business posted $3.29 earnings per share. On average, analysts expect that Prudential Financial, Inc. will post 13.81 EPS for the current year.
Prudential Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial’s dividend payout ratio (DPR) is presently 57.61%.
About Prudential Financial
Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.
Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.
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