Prudential Financial (NYSE:PRU) Reaches New 12-Month High After Dividend Announcement

Shares of Prudential Financial, Inc. (NYSE:PRU) reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $128.75 and last traded at $128.02, with a volume of 430098 shares changing hands. The stock had previously closed at $120.18.

The newly announced dividend which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.07%. Prudential Financial’s dividend payout ratio is 46.22%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PRU. Wells Fargo & Company increased their target price on Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday. Morgan Stanley lowered their target price 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. Piper Sandler raised their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. Finally, UBS Group lifted their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.85.

Prudential Financial Stock Performance

The business has a 50 day moving average of $121.20 and a 200-day moving average of $118.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $45.43 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The business had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. During the same period in the prior year, the business posted $3.44 earnings per share. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.32 EPS for the current fiscal year.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prudential Financial

Institutional investors have recently added to or reduced their stakes in the company. Creekmur Asset Management LLC raised its holdings in Prudential Financial by 78.8% during the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 108 shares during the last quarter. Lynx Investment Advisory acquired a new stake in Prudential Financial in the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new position in Prudential Financial during the third quarter worth about $31,000. Strategic Financial Concepts LLC lifted its position in shares of Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares during the period. Finally, Crewe Advisors LLC purchased a new stake in Prudential Financial during the first quarter valued at $33,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

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.