Whitener Capital Management Inc. Invests $240,000 in Prudential Financial, Inc. (NYSE:PRU)

Whitener Capital Management Inc. acquired a new position in Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,984 shares of the financial services provider’s stock, valued at approximately $240,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc increased its stake in Prudential Financial by 9.4% during the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after acquiring an additional 305,143 shares during the period. abrdn plc increased its stake in Prudential Financial by 4.0% during the third quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after acquiring an additional 50,026 shares during the period. International Assets Investment Management LLC increased its stake in Prudential Financial by 4,130.8% during the third quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock valued at $157,219,000 after acquiring an additional 1,267,571 shares during the period. AustralianSuper Pty Ltd increased its stake in Prudential Financial by 2.3% during the third quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider’s stock valued at $153,312,000 after acquiring an additional 28,459 shares during the period. Finally, Federated Hermes Inc. increased its stake in Prudential Financial by 8.8% during the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock valued at $120,181,000 after acquiring an additional 82,620 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PRU shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Morgan Stanley decreased their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. TD Cowen started coverage on Prudential Financial in a report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price objective on the stock. Citigroup lifted their price objective on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Finally, Argus raised Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.77.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Stock Down 1.0 %

Shares of PRU opened at $121.28 on Friday. The company has a market capitalization of $43.30 billion, a P/E ratio of 10.78, a PEG ratio of 0.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.13. Prudential Financial, Inc. has a one year low of $89.90 and a one year high of $128.52. The business’s 50 day simple moving average is $121.10 and its 200-day simple moving average is $118.32.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the previous year, the business earned $3.44 EPS. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 13.32 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.29%. The ex-dividend date was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is 46.22%.

Prudential Financial Company 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.