Prudential Financial, Inc. (NYSE:PRU) Shares Purchased by Cadence Bank

Cadence Bank grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,780 shares of the financial services provider’s stock after buying an additional 3,159 shares during the quarter. Prudential Financial accounts for 1.4% of Cadence Bank’s portfolio, making the stock its 14th largest position. Cadence Bank’s holdings in Prudential Financial were worth $20,197,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Creekmur Asset Management LLC grew its position in Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Prudential Financial during the 2nd quarter worth $29,000. Ashton Thomas Securities LLC acquired a new position in Prudential Financial in the 3rd quarter worth $31,000. Strategic Financial Concepts LLC boosted its position in Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after buying an additional 25,027 shares during the last quarter. Finally, Bank & Trust Co purchased a new stake in shares of Prudential Financial during the second quarter worth about $37,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Up 0.3 %

Shares of NYSE:PRU opened at $129.11 on Wednesday. The stock has a market capitalization of $45.96 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 1-year low of $94.92 and a 1-year high of $129.69. The company has a 50 day moving average price of $123.72 and a 200 day moving average price of $119.89. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14.

Prudential Financial (NYSE:PRU) last released 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. 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 during the quarter, compared to analyst estimates of $14.57 billion. During the same quarter last year, the company posted $3.44 EPS. On average, research analysts anticipate that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.03%. Prudential Financial’s payout ratio is currently 46.22%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRU. TD Cowen began coverage on Prudential Financial in a research note on Wednesday, October 9th. They set a “hold” rating and a $130.00 price objective for the company. Piper Sandler upped their price target on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America boosted their target price 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. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $125.69.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. The trade was a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.