StoneRidge PMG Advisors LLC Acquires 7,342 Shares of Prudential Financial, Inc. $PRU

StoneRidge PMG Advisors LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,342 shares of the financial services provider’s stock, valued at approximately $834,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Prudential Financial in the 2nd quarter valued at about $3,507,481,000. State Street Corp lifted its stake in Prudential Financial by 1.2% during the second quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock worth $1,852,593,000 after purchasing an additional 209,179 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Prudential Financial by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock worth $367,089,000 after purchasing an additional 166,641 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Prudential Financial by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after purchasing an additional 1,247,371 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Prudential Financial in the second quarter valued at approximately $209,055,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRU. Weiss Ratings cut shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday, September 28th. Piper Sandler upped their target price on shares of Prudential Financial from $120.00 to $133.00 and gave the company a “neutral” rating in a report on Thursday. Mizuho set a $108.00 target price on shares of Prudential Financial in a research report on Monday, October 12th. Finally, BMO Capital Markets lifted their price target on shares of Prudential Financial from $90.00 to $120.00 and gave the stock an “underperform” rating in a research note on Friday, August 21st. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $112.40.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

Prudential Financial Trading Up 0.1%

Shares of Prudential Financial stock opened at $119.36 on Monday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.17 and a current ratio of 0.17. The company has a market capitalization of $41.18 billion, a P/E ratio of 10.86, a PEG ratio of 1.89 and a beta of 0.85. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $128.78. The company’s fifty day moving average is $116.98 and its two-hundred day moving average is $108.97.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.44. The business had revenue of $14.45 billion during the quarter, compared to analysts’ expectations of $14.66 billion. Prudential Financial had a net margin of 6.75% and a return on equity of 16.38%. During the same period in the prior year, the company earned $4.26 earnings per share. Analysts forecast that Prudential Financial, Inc. will post 13.54 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, August 25th. Prudential Financial’s dividend payout ratio (DPR) is presently 50.96%.

Prudential Financial Company Profile

Prudential Financial, Inc is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services.

The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors.

Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.