Tower Bridge Advisors Purchases 1,050 Shares of Prudential Financial, Inc. (NYSE:PRU)

Tower Bridge Advisors raised its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 14.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,542 shares of the financial services provider’s stock after purchasing an additional 1,050 shares during the period. Tower Bridge Advisors’ holdings in Prudential Financial were worth $1,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. raised its position in shares of Prudential Financial by 12.9% in the 1st quarter. Sei Investments Co. now owns 57,853 shares of the financial services provider’s stock worth $6,791,000 after acquiring an additional 6,609 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of Prudential Financial by 19.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 6,910 shares of the financial services provider’s stock worth $811,000 after acquiring an additional 1,116 shares in the last quarter. Nwam LLC bought a new position in shares of Prudential Financial in the 1st quarter worth $209,000. Banco Santander S.A. bought a new position in shares of Prudential Financial in the 1st quarter worth $555,000. Finally, Intech Investment Management LLC raised its position in shares of Prudential Financial by 8.4% in the 1st quarter. Intech Investment Management LLC now owns 10,289 shares of the financial services provider’s stock worth $1,208,000 after acquiring an additional 796 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the subject of several recent research reports. Piper Sandler boosted their price target on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and upped their target price for the company from $117.00 to $140.00 in a research report on Thursday. Wells Fargo & Company upped their target price on Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley reduced their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $125.69.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This represents a 16.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Stock Up 1.3 %

Shares of PRU opened at $127.41 on Friday. Prudential Financial, Inc. has a 52 week low of $93.32 and a 52 week high of $129.13. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $45.36 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 0.91 and a beta of 1.29. The stock’s 50-day moving average price is $122.20 and its 200-day moving average price is $119.28.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping 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 firm had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the prior year, the business earned $3.44 earnings per share. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a $1.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.08%. Prudential Financial’s payout ratio is 46.22%.

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.