Pathstone Holdings LLC Grows Position in Prudential Financial, Inc. (NYSE:PRU)

Pathstone Holdings LLC lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 23.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,755 shares of the financial services provider’s stock after buying an additional 17,498 shares during the quarter. Pathstone Holdings LLC’s holdings in Prudential Financial were worth $10,876,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Grove Bank & Trust raised its stake in Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Prudential Financial during the fourth quarter valued at $29,000. CGC Financial Services LLC raised its stake in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in Prudential Financial during the fourth quarter valued at $33,000. Finally, Hopwood Financial Services Inc. purchased a new stake in Prudential Financial during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PRU shares. Piper Sandler decreased their price target on shares of Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Barclays reduced their target price on shares of Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. Morgan Stanley reduced their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. UBS Group reduced 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, BMO Capital Markets started coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $121.92.

Prudential Financial Stock Up 0.6%

Shares of Prudential Financial stock opened at $106.95 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm’s 50-day moving average is $104.68 and its two-hundred day moving average is $114.19. The stock has a market cap of $37.86 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. The company had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. During the same period in the prior year, the business earned $3.12 EPS. The firm’s quarterly revenue was down 38.2% on a year-over-year basis. As a group, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Tuesday, May 20th. Prudential Financial’s dividend payout ratio is currently 85.58%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the acquisition, the insider now owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at $2,869,090.56. The trade was a 18.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Prudential Financial 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.