Prudential Financial, Inc. (NYSE:PRU) Shares Purchased by Zega Financial LLC

Zega Financial LLC grew its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,202 shares of the financial services provider’s stock after buying an additional 101 shares during the quarter. Zega Financial LLC’s holdings in Prudential Financial were worth $258,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in PRU. Vanguard Group Inc. boosted its position in shares of Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after purchasing an additional 5,154,865 shares during the period. AustralianSuper Pty Ltd grew its position in shares of Prudential Financial by 2.8% during the second quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock worth $145,027,000 after acquiring an additional 34,160 shares during the last quarter. Norges Bank acquired a new position in shares of Prudential Financial in the 4th quarter valued at $113,478,000. Federated Hermes Inc. raised its position in Prudential Financial by 8.8% in the 2nd quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock valued at $120,181,000 after purchasing an additional 82,620 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in Prudential Financial by 0.4% during the 4th quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock worth $104,080,000 after purchasing an additional 4,006 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Jefferies Financial Group dropped their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Morgan Stanley reduced their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. UBS Group increased their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $120.83.

Prudential Financial Stock Performance

Shares of PRU opened at $118.75 on Wednesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The company has a 50-day simple moving average of $117.90 and a 200-day simple moving average of $116.13. The company has a market capitalization of $42.39 billion, a PE ratio of 20.20, a P/E/G ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. Equities research analysts predict that Prudential Financial, Inc. will post 13.31 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Prudential Financial 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.