Pallas Capital Advisors LLC Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Pallas Capital Advisors LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the second quarter, according to its most recent filing with the SEC. The firm purchased 2,030 shares of the financial services provider’s stock, valued at approximately $254,000.

A number of other hedge funds have also recently bought and sold shares of PRU. Vanguard Group Inc. boosted its position in Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after acquiring an additional 5,154,865 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock worth $414,926,000 after acquiring an additional 388,363 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Prudential Financial by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,346,612 shares of the financial services provider’s stock valued at $243,367,000 after purchasing an additional 72,696 shares in the last quarter. Norges Bank purchased a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $113,478,000. Finally, Stifel Financial Corp grew its stake in shares of Prudential Financial by 0.4% during the fourth quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock worth $104,080,000 after purchasing an additional 4,006 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of Prudential Financial stock in a transaction dated Thursday, June 20th. The stock was bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PRU. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. increased their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Morgan Stanley dropped their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday. Citigroup boosted their price objective on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group lowered their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $119.33.

Prudential Financial Trading Down 1.8 %

NYSE:PRU traded down $2.03 on Tuesday, reaching $113.74. The company’s stock had a trading volume of 491,417 shares, compared to its average volume of 1,509,009. The firm has a market cap of $40.83 billion, a PE ratio of 19.69, a PEG ratio of 0.86 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The business’s 50-day moving average price is $117.72 and its two-hundred day moving average price is $114.62. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.57%. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

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.