NBH Bank Invests $453,000 in Prudential Financial, Inc. $PRU

NBH Bank bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,201 shares of the financial services provider’s stock, valued at approximately $453,000.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaGrep UK Ltd raised its position in Prudential Financial by 26.2% in the second quarter. AlphaGrep UK Ltd now owns 4,219 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 876 shares during the period. William John Sempolinski acquired a new position in shares of Prudential Financial during the second quarter worth about $356,000. Markowski Investments purchased a new stake in shares of Prudential Financial in the second quarter worth about $168,000. Highland Investment Advisors LLC acquired a new stake in shares of Prudential Financial in the second quarter valued at about $50,000. Finally, Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Prudential Financial during the 2nd quarter valued at about $125,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PRU shares. Zacks Research upgraded Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Wells Fargo & Company lifted their price objective on shares of Prudential Financial from $103.00 to $110.00 and gave the company an “underweight” rating in a research note on Wednesday, August 19th. TD Cowen upped their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research note on Wednesday, July 22nd. Morgan Stanley raised their price target on shares of Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a report on Monday, August 24th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Prudential Financial currently has a consensus rating of “Reduce” and an average target price of $109.31.

Prudential Financial News Roundup

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Prudential’s PGIM asset-management unit launched two core equity exchange-traded funds, expanding its investment-product lineup and potentially supporting fee-based revenue and distribution growth. Prudential Financial’s PGIM launches two core equity ETFs
• Positive Sentiment: Prudential recently reported second-quarter adjusted earnings of $4.08 per share, above the $3.52 analyst consensus and ahead of the $3.58 reported in the prior-year period. The earnings beat provides a supportive fundamental backdrop, although quarterly revenue was slightly below expectations. What Prudential Financial’s Targeted Long-Term Debt Issuance and Earnings Beat Means For Shareholders
• Positive Sentiment: Prudential Advisors added Cleveland-based advisor Zachary Karason, who brings more than 12 years of experience and over $106 million in client assets. The hire may modestly strengthen Prudential’s wealth-management distribution and asset-gathering capabilities. Prudential Advisors Welcomes Zachary Karason to Mid America Financial Group
• Neutral Sentiment: Prudential issued multiple senior unsecured fixed-rate notes with maturities from 2029 through 2036. The staggered maturities and mix of callable and non-callable debt could improve funding flexibility, but the offerings also add interest obligations. What Prudential Financial’s Targeted Long-Term Debt Issuance and Earnings Beat Means For Shareholders
• Negative Sentiment: A recent analysis noted that PRU has declined modestly since its latest earnings report, suggesting investors have not fully rewarded the earnings beat and may remain focused on forward estimates, interest rates and insurance-sector conditions. Prudential Down Since Last Earnings Report

Prudential Financial Price Performance

Shares of NYSE PRU opened at $122.06 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The business has a 50 day moving average price of $119.17 and a two-hundred day moving average price of $106.83. The firm has a market cap of $42.11 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 1.84 and a beta of 0.83.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same period in the prior year, the company posted $3.58 EPS. Sell-side analysts expect that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.6%. Prudential Financial’s dividend payout ratio is currently 50.72%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the transaction, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company’s stock, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.05% of the company’s stock.

Prudential Financial Company Profile

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.