TCG Advisory Services LLC Buys Shares of 59,020 Prudential Financial, Inc. (NYSE:PRU)

TCG Advisory Services LLC purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 59,020 shares of the financial services provider’s stock, valued at approximately $6,121,000.

Other hedge funds have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its position in Prudential Financial by 1.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 116,851 shares of the financial services provider’s stock valued at $11,088,000 after buying an additional 1,409 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Prudential Financial in the third quarter worth $238,000. Xponance Inc. grew its position in Prudential Financial by 3.1% during the third quarter. Xponance Inc. now owns 46,757 shares of the financial services provider’s stock valued at $4,437,000 after acquiring an additional 1,406 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Prudential Financial by 4.6% in the third quarter. Pinnacle Associates Ltd. now owns 16,252 shares of the financial services provider’s stock worth $1,542,000 after buying an additional 715 shares during the period. Finally, Raymond James & Associates lifted its position in Prudential Financial by 14.0% in the third quarter. Raymond James & Associates now owns 481,025 shares of the financial services provider’s stock valued at $45,645,000 after purchasing an additional 59,077 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Prudential Financial stock traded up $0.97 during mid-day trading on Friday, reaching $112.26. 1,028,916 shares of the company traded hands, compared to its average volume of 1,460,168. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. The firm’s fifty day moving average is $112.14 and its two-hundred day moving average is $104.33. The company has a market capitalization of $40.30 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 0.83 and a beta of 1.35. Prudential Financial, Inc. has a fifty-two week low of $77.22 and a fifty-two week high of $118.69.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company had revenue of $15.01 billion for the quarter, compared to analysts’ expectations of $14.50 billion. During the same quarter in the prior year, the business posted $2.66 earnings per share. The firm’s revenue was up 69.9% compared to the same quarter last year. On average, equities research analysts expect that Prudential Financial, Inc. will post 13.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.63%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date was Friday, February 16th. Prudential Financial’s payout ratio is presently 88.44%.

Insider Activity

In related news, EVP Ann M. Kappler sold 7,222 shares of Prudential Financial stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the transaction, the executive vice president now owns 24,381 shares in the company, valued at $2,642,656.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Ann M. Kappler sold 7,222 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the completion of the sale, the executive vice president now directly owns 24,381 shares of the company’s stock, valued at approximately $2,642,656.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew F. Sullivan sold 7,685 shares of Prudential Financial stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total transaction of $857,415.45. Following the completion of the sale, the executive vice president now owns 13,691 shares of the company’s stock, valued at approximately $1,527,504.87. The disclosure for this sale can be found here. Insiders sold 29,255 shares of company stock worth $3,215,664 over the last three months. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. UBS Group boosted their target price on Prudential Financial from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Wells Fargo & Company upped their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods lifted their price objective on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Evercore ISI increased their price target on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Finally, Piper Sandler increased their price objective on shares of Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $111.42.

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.