Kestra Private Wealth Services LLC Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Kestra Private Wealth Services LLC grew its stake in Prudential Financial, Inc. (NYSE:PRU) by 80.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,475 shares of the financial services provider’s stock after buying an additional 7,331 shares during the period. Kestra Private Wealth Services LLC’s holdings in Prudential Financial were worth $1,953,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRU. Grove Bank & Trust raised its holdings in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Prudential Financial during the third quarter worth $31,000. CGC Financial Services LLC raised its holdings in shares of Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 124 shares during the last quarter. Quarry LP raised its holdings in shares of Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Prudential Financial during the fourth quarter worth $37,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 0.4 %

Shares of NYSE PRU opened at $111.68 on Wednesday. The company’s 50-day simple moving average is $119.08 and its 200-day simple moving average is $120.16. Prudential Financial, Inc. has a 52-week low of $104.02 and a 52-week high of $130.55. The firm has a market cap of $39.76 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 1.00 and a beta of 1.31. The company has a quick ratio of 0.14, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities analysts predict that Prudential Financial, Inc. will post 14.38 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a dividend of $1.35 per share. The ex-dividend date is Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 4.84%. Prudential Financial’s payout ratio is presently 69.61%.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of Prudential Financial stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRU shares. Keefe, Bruyette & Woods reduced their target price on shares of Prudential Financial from $135.00 to $129.00 and set a “market perform” rating for the company in a report on Thursday, January 16th. Wells Fargo & Company reduced their target price on shares of Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a report on Tuesday, January 14th. BMO Capital Markets started coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price for the company. TD Cowen raised their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Finally, Piper Sandler dropped their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $125.77.

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.