Sequoia Financial Advisors LLC Increases Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Sequoia Financial Advisors LLC grew its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 30.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,442 shares of the financial services provider’s stock after purchasing an additional 2,461 shares during the period. Sequoia Financial Advisors LLC’s holdings in Prudential Financial were worth $1,238,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PRU. Grove Bank & Trust increased its stake in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Prudential Financial in the fourth quarter worth $29,000. CGC Financial Services LLC lifted its position in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new position in shares of Prudential Financial in the 4th quarter worth $33,000. Finally, Quarry LP increased its holdings in shares of Prudential Financial by 376.3% in the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after buying an additional 222 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Barclays lifted their price target on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. BMO Capital Markets initiated coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Keefe, Bruyette & Woods lowered their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. TD Cowen boosted their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Finally, Piper Sandler dropped their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Price Performance

Shares of PRU stock opened at $108.64 on Friday. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock has a fifty day simple moving average of $114.31 and a two-hundred day simple moving average of $119.38. The stock has a market capitalization of $38.89 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a yield of 4.97%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is currently 72.29%.

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.