Palumbo Wealth Management LLC Has $392,000 Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Palumbo Wealth Management LLC lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 12.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,309 shares of the financial services provider’s stock after selling 467 shares during the period. Palumbo Wealth Management LLC’s holdings in Prudential Financial were worth $392,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of PRU. Grove Bank & Trust lifted its position in shares of Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the period. Ashton Thomas Securities LLC acquired a new position in Prudential Financial in the third quarter valued at about $31,000. CGC Financial Services LLC grew its stake 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 worth $33,000 after buying an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. bought a new position in Prudential Financial in the 4th quarter valued at about $33,000. Finally, Quarry LP raised its position 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 valued at $34,000 after buying an additional 222 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $111.54 on Friday. Prudential Financial, Inc. has a fifty-two week low of $104.44 and a fifty-two week high of $130.55. The firm’s 50-day simple moving average is $117.87 and its 200 day simple moving average is $119.86. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.14 and a current ratio of 0.16. The stock has a market cap of $39.71 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.00 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 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%. As a group, research analysts anticipate that Prudential Financial, Inc. will post 14.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be given a dividend of $1.35 per share. The ex-dividend date is Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.84%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 69.61%.

Analysts Set New Price Targets

PRU has been the subject of several recent analyst reports. Wells Fargo & Company cut their target price on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday. Barclays lifted their price target on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. BMO Capital Markets assumed coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target on the stock. Finally, TD Cowen upped their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $125.46.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

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.