Narwhal Capital Management Invests $202,000 in Prudential Financial, Inc. (NYSE:PRU)

Narwhal Capital Management purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,666 shares of the financial services provider’s stock, valued at approximately $202,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Leo Wealth LLC purchased a new stake in shares of Prudential Financial during the third quarter worth about $216,000. Sequoia Financial Advisors LLC increased its stake in Prudential Financial by 5.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 7,981 shares of the financial services provider’s stock worth $966,000 after buying an additional 427 shares in the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Prudential Financial by 32.8% during the third quarter. Foundations Investment Advisors LLC now owns 5,235 shares of the financial services provider’s stock valued at $634,000 after acquiring an additional 1,294 shares during the last quarter. Venture Visionary Partners LLC boosted its stake in shares of Prudential Financial by 2.6% in the third quarter. Venture Visionary Partners LLC now owns 27,056 shares of the financial services provider’s stock worth $3,277,000 after acquiring an additional 673 shares during the last quarter. Finally, McClarren Financial Advisors Inc. increased its position in shares of Prudential Financial by 91.2% during the third quarter. McClarren Financial Advisors Inc. now owns 671 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were bought at an average price of $27.58 per share, for a total transaction 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 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the sale, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

Shares of PRU opened at $125.63 on Wednesday. The firm has a 50-day simple moving average of $119.51 and a two-hundred day simple moving average of $117.64. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. The stock has a market cap of $44.85 billion, a PE ratio of 16.15, a P/E/G ratio of 0.97 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last announced its 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). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. As a group, analysts forecast that Prudential Financial, Inc. will post 13.3 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.14%. Prudential Financial’s dividend payout ratio (DPR) is presently 66.84%.

Wall Street Analyst Weigh In

PRU has been the topic of several recent research reports. Barclays began coverage on shares of Prudential Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price on the stock. Jefferies Financial Group lowered their price target on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. JPMorgan Chase & Co. increased their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Bank of America boosted their target price on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, TD Cowen began coverage on Prudential Financial in a report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $123.69.

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.