Insider Buying: Prudential Financial (NYSE:PRU) Major Shareholder Acquires $34,985,598.93 in Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were purchased at an average cost of $24.87 per share, with a total value of $34,985,598.93. Following the completion of the purchase, the insider owned 7,709,624 shares of the company’s stock, valued at $191,738,348.88. The trade was a 22.32% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Prudential Financial Stock Performance

NYSE:PRU opened at $109.82 on Friday. The company has a market cap of $38.44 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.19 and a beta of 0.97. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $123.41. The stock’s 50 day simple moving average is $112.69 and its two-hundred day simple moving average is $107.29. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, October 29th. The financial services provider reported $4.26 EPS for the quarter, beating analysts’ consensus estimates of $3.72 by $0.54. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The firm had revenue of $17.89 billion during the quarter, compared to the consensus estimate of $13.77 billion. During the same period in the prior year, the company earned $3.48 EPS. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 74.18%.

Analyst Ratings Changes

A number of research analysts recently commented on PRU shares. UBS Group increased their price target on shares of Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Morgan Stanley raised their price objective on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Wells Fargo & Company boosted their target price on Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Finally, Mizuho initiated coverage on shares of Prudential Financial in a research note on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price objective for the company. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $120.78.

Hedge Funds Weigh In On Prudential Financial

Large investors have recently bought and sold shares of the business. D.A. Davidson & CO. lifted its position in shares of Prudential Financial by 4.5% during the fourth quarter. D.A. Davidson & CO. now owns 120,268 shares of the financial services provider’s stock worth $13,576,000 after purchasing an additional 5,209 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Prudential Financial by 1.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 476,027 shares of the financial services provider’s stock worth $53,739,000 after buying an additional 8,667 shares during the period. Physician Wealth Advisors Inc. lifted its holdings in Prudential Financial by 68.1% during the 4th quarter. Physician Wealth Advisors Inc. now owns 464 shares of the financial services provider’s stock valued at $52,000 after buying an additional 188 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in Prudential Financial in the 4th quarter valued at about $386,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in Prudential Financial by 274.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 442 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.