Prudential Financial, Inc. (NYSE:PRU) Shares Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC increased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 31.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,175 shares of the financial services provider’s stock after acquiring an additional 3,396 shares during the quarter. Convergence Investment Partners LLC’s holdings in Prudential Financial were worth $1,680,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Glenmede Trust Co. NA increased its holdings in shares of Prudential Financial by 7.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock valued at $2,176,000 after acquiring an additional 1,234 shares during the period. Avanza Fonder AB purchased a new position in Prudential Financial in the 4th quarter valued at $3,423,000. Gateway Investment Advisers LLC grew its position in Prudential Financial by 56.1% in the 4th quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after buying an additional 7,907 shares during the last quarter. Principal Financial Group Inc. grew its position in Prudential Financial by 3.9% in the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after buying an additional 15,695 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Prudential Financial by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock valued at $9,597,000 after buying an additional 1,765 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Trading Up 0.1 %

Shares of PRU stock opened at $111.71 on Wednesday. The firm has a 50-day moving average price of $117.46 and a 200 day moving average price of $119.71. Prudential Financial, Inc. has a twelve month low of $104.44 and a twelve month high of $130.55. The company has a market capitalization of $39.99 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.99 and a beta of 1.31. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Research analysts forecast that Prudential Financial, Inc. will post 14.34 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a dividend of $1.35 per share. The ex-dividend date is Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.83%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is currently 69.61%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and boosted their target price for the stock from $117.00 to $140.00 in a research report on Thursday, November 14th. BMO Capital Markets assumed coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Wells Fargo & Company cut their price target on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Finally, Piper Sandler cut their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $125.46.

Prudential Financial Company Profile

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.