Knights of Columbus Asset Advisors LLC lifted its stake in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 21.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,826 shares of the financial services provider’s stock after purchasing an additional 17,862 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in Prudential Financial were worth $11,565,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRU. BlackRock Inc. acquired a new stake in shares of Prudential Financial during the 2nd quarter valued at approximately $3,507,481,000. State Street Corp grew its holdings in shares of Prudential Financial by 1.2% in the 2nd quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock worth $1,852,593,000 after acquiring an additional 209,179 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock worth $367,089,000 after acquiring an additional 166,641 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Prudential Financial by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after purchasing an additional 1,247,371 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Prudential Financial in the 2nd quarter valued at approximately $209,055,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.
More Prudential Financial News
Here are the key news stories impacting Prudential Financial this week:
- Positive Sentiment: Prudential declared a quarterly common-stock dividend of $1.40 per share, payable December 10 to shareholders of record November 24. The payout may support PRU’s appeal to income-focused investors; the announcement did not specify a dividend increase. Dividend announcement
- Negative Sentiment: Three executives sold a combined 9,135 shares on November 6 for roughly $1.11 million. CEO Andrew F. Sullivan sold 3,544 shares; EVP Ann Kappler sold 2,797; and SVP Robert E. Boyle sold 2,794. The transactions may weigh on sentiment, though the filings do not state the executives’ reasons. Read More., Read More., Read More.
Insider Buying and Selling at Prudential Financial
In related news, SVP Robert E. Boyle sold 2,794 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $121.24, for a total value of $338,744.56. Following the completion of the sale, the senior vice president directly owned 6,008 shares in the company, valued at approximately $728,409.92. The trade was a 31.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann M. Kappler sold 2,797 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $337,318.20. Following the transaction, the executive vice president directly owned 14,482 shares of the company’s stock, valued at $1,746,529.20. This trade represents a 16.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,787 shares of company stock worth $2,062,597 in the last 90 days. 0.05% of the stock is owned by company insiders.
Prudential Financial Stock Performance
Shares of PRU opened at $123.38 on Wednesday. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $128.78. The company’s 50 day simple moving average is $117.14 and its 200 day simple moving average is $109.10. The company has a market capitalization of $42.32 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 1.93 and a beta of 0.85. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.17 and a current ratio of 0.17.
Prudential Financial (NYSE:PRU – Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.33 by $0.44. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. The company had revenue of $14.45 billion for the quarter, compared to analyst estimates of $14.66 billion. During the same quarter in the prior year, the company posted $4.26 EPS. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.60 EPS for the current year.
Prudential Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 24th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, November 24th. Prudential Financial’s dividend payout ratio (DPR) is presently 50.96%.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Keefe, Bruyette & Woods decreased their target price on Prudential Financial from $123.00 to $119.00 and set a “market perform” rating on the stock in a research report on Friday, October 16th. Piper Sandler increased their price objective on shares of Prudential Financial from $120.00 to $133.00 and gave the company a “neutral” rating in a research note on Thursday, November 5th. Jefferies Financial Group dropped their target price on shares of Prudential Financial from $116.00 to $109.00 and set a “buy” rating for the company in a report on Monday, October 12th. TD Cowen cut their target price on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating for the company in a research report on Wednesday, October 21st. Finally, Bank of America reiterated a “neutral” rating on shares of Prudential Financial in a research report on Wednesday, November 4th. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $112.40.
Check Out Our Latest Report on PRU
Prudential Financial Company Profile
Prudential Financial, Inc. is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services. The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors. Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.
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