Franklin Resources Inc. Acquires 1,168 Shares of Prudential Financial, Inc. (NYSE:PRU)

Franklin Resources Inc. grew its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,413 shares of the financial services provider’s stock after acquiring an additional 1,168 shares during the quarter. Franklin Resources Inc.’s holdings in Prudential Financial were worth $14,628,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Savant Capital LLC grew its position in Prudential Financial by 0.6% in the 4th quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock worth $1,705,000 after purchasing an additional 83 shares during the last quarter. Grove Bank & Trust lifted its stake 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 valued at $26,000 after buying an additional 87 shares during the period. HBK Sorce Advisory LLC grew its position in Prudential Financial by 1.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock worth $1,116,000 after buying an additional 91 shares in the last quarter. Asset Dedication LLC increased its stake in Prudential Financial by 28.4% during the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 93 shares during the period. Finally, RNC Capital Management LLC raised its holdings in Prudential Financial by 3.3% in the 4th quarter. RNC Capital Management LLC now owns 2,990 shares of the financial services provider’s stock valued at $354,000 after acquiring an additional 95 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Prudential Financial stock opened at $95.70 on Tuesday. The business’s fifty day moving average is $111.53 and its two-hundred day moving average is $118.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $33.92 billion, a P/E ratio of 12.81, a P/E/G ratio of 0.98 and a beta of 1.11. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 EPS 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 research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.64%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s payout ratio is 72.29%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price objective on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price target on shares of Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Jefferies Financial Group raised their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. UBS Group lowered their target price on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Finally, Piper Sandler cut their price target on shares of Prudential Financial from $124.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $126.08.

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.