DRW Securities LLC Invests $3.05 Million in Prudential Financial, Inc. (NYSE:PRU)

DRW Securities LLC bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 25,169 shares of the financial services provider’s stock, valued at approximately $3,048,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Creekmur Asset Management LLC increased its position in shares of Prudential Financial by 78.8% during the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory bought a new position in shares of Prudential Financial in the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Prudential Financial in the 3rd quarter worth approximately $31,000. Strategic Financial Concepts LLC increased its holdings in Prudential Financial by 1,312.4% during the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 25,027 shares in the last quarter. Finally, Bank & Trust Co bought a new position in Prudential Financial in the 2nd quarter valued at $37,000. 56.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research reports. UBS Group raised their target price on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Piper Sandler boosted their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and increased their price target for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Bank of America boosted their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $125.69.

Insider Activity at Prudential Financial

In other news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

Prudential Financial Trading Up 1.3 %

NYSE PRU opened at $127.89 on Monday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12 month low of $94.92 and a 12 month high of $129.13. The company has a market capitalization of $45.53 billion, a PE ratio of 11.37, a P/E/G ratio of 0.91 and a beta of 1.29. The stock has a 50-day simple moving average of $123.30 and a 200 day simple moving average of $119.74.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the company posted $3.44 EPS. Research analysts forecast that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is 46.22%.

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.