DNB Asset Management AS Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

DNB Asset Management AS raised its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,274 shares of the financial services provider’s stock after buying an additional 4,388 shares during the quarter. DNB Asset Management AS’s holdings in Prudential Financial were worth $7,298,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Peoples Bank OH raised its holdings in Prudential Financial by 2.3% during the 1st quarter. Peoples Bank OH now owns 4,046 shares of the financial services provider’s stock valued at $475,000 after buying an additional 90 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Prudential Financial by 1.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,449 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 94 shares during the period. Jaffetilchin Investment Partners LLC grew its holdings in Prudential Financial by 4.6% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 2,131 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 94 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in Prudential Financial by 38.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 352 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 98 shares during the period. Finally, Checchi Capital Advisers LLC boosted its position in shares of Prudential Financial by 2.0% during the first quarter. Checchi Capital Advisers LLC now owns 4,932 shares of the financial services provider’s stock valued at $579,000 after buying an additional 99 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prudential Financial

In other news, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the sale, the executive vice president now directly owns 202,083 shares in the company, valued at approximately $23,960,981.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $118.57, for a total value of $15,425,008.44. Following the sale, the executive vice president now owns 202,083 shares in the company, valued at $23,960,981.31. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares in the company, valued at $107,065,062.30. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

Shares of Prudential Financial stock traded up $1.50 during trading on Tuesday, hitting $107.03. 2,098,385 shares of the company’s stock were exchanged, compared to its average volume of 1,500,283. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $38.42 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 0.95 and a beta of 1.34. The business has a 50-day simple moving average of $119.25 and a 200-day simple moving average of $114.22.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.86%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRU. Morgan Stanley increased their target price on Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Jefferies Financial Group decreased their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Evercore ISI increased their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research note on Thursday, April 25th. Finally, Piper Sandler reduced their price objective on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $118.25.

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.