Prudential Financial, Inc. (NYSE:PRU) Shares Purchased by NEOS Investment Management LLC

NEOS Investment Management LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU) by 31.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,993 shares of the financial services provider’s stock after buying an additional 4,976 shares during the period. NEOS Investment Management LLC’s holdings in Prudential Financial were worth $2,488,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Grove Bank & Trust increased its stake in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Prudential Financial in the fourth quarter valued at $29,000. CGC Financial Services LLC raised its stake in shares of Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after buying an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial in the 4th quarter worth about $33,000. Finally, Quarry LP increased its holdings in Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 222 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

NYSE:PRU opened at $109.94 on Friday. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55. The firm’s 50 day moving average is $113.09 and its two-hundred day moving average is $118.92. The company has a market cap of $39.36 billion, a P/E ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s payout ratio is currently 72.29%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PRU. Morgan Stanley reduced their price target on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Piper Sandler dropped their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Keefe, Bruyette & Woods cut their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Barclays increased their price objective on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company upped their target price on shares of Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and an average price target of $126.15.

Insider Transactions at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the acquisition, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ 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 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.