LPL Financial LLC Boosts Holdings in Prudential Financial, Inc. (NYSE:PRU)

by · The Cerbat Gem

LPL Financial LLC lifted its position in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 4.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 521,190 shares of the financial services provider’s stock after purchasing an additional 20,156 shares during the period. LPL Financial LLC’s holdings in Prudential Financial were worth $58,206,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PRU. Northern Trust Corp grew its holdings in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock worth $555,513,000 after purchasing an additional 897,916 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Prudential Financial by 11,280.3% in the first quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider’s stock worth $96,923,000 after purchasing an additional 860,239 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Prudential Financial by 322.9% in the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider’s stock worth $84,287,000 after purchasing an additional 542,964 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Prudential Financial by 11.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider’s stock worth $404,230,000 after purchasing an additional 352,335 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Prudential Financial in the fourth quarter worth approximately $25,796,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $103.62 on Friday. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $36.68 billion, a P/E ratio of 22.97, a P/E/G ratio of 1.00 and a beta of 1.07. The business has a fifty day simple moving average of $104.93 and a two-hundred day simple moving average of $107.52. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55.

Prudential Financial (NYSE:PRU – Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a return on equity of 15.90% and a net margin of 2.75%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.39 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s payout ratio is currently 85.58%.

Wall Street Analyst Weigh In

PRU has been the topic of several recent analyst reports. Wall Street Zen cut shares of Prudential Financial from a “hold” rating to a “sell” rating in a report on Saturday, July 5th. JPMorgan Chase & Co. lifted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. UBS Group cut their price target on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Morgan Stanley cut their price target on shares of Prudential Financial from $117.00 to $113.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Finally, Piper Sandler cut their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $121.75.

Check Out Our Latest Report on Prudential Financial

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the transaction, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by corporate insiders.

Prudential Financial Company Profile

(Free Report)

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.

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