Synovus Financial Corp Raises Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Synovus Financial Corp lifted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 22.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,004 shares of the financial services provider’s stock after acquiring an additional 543 shares during the period. Synovus Financial Corp’s holdings in Prudential Financial were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PRU. Raymond James Trust N.A. grew its holdings in Prudential Financial by 1.1% during the 2nd quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock valued at $951,000 after buying an additional 87 shares in the last quarter. Avidian Wealth Enterprises LLC grew its stake in Prudential Financial by 1.2% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock valued at $891,000 after acquiring an additional 89 shares in the last quarter. Quotient Wealth Partners LLC increased its holdings in Prudential Financial by 3.9% in the 2nd quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider’s stock valued at $284,000 after acquiring an additional 92 shares during the last quarter. Daymark Wealth Partners LLC boosted its holdings in shares of Prudential Financial by 3.9% during the 3rd quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 97 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Prudential Financial by 2.7% during the third quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 3.6 %

Shares of NYSE:PRU opened at $114.59 on Thursday. The firm has a market capitalization of $40.79 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 0.87 and a beta of 1.29. The business has a 50 day simple moving average of $124.80 and a two-hundred day simple moving average of $120.45. Prudential Financial, Inc. has a 1 year low of $100.60 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The company 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 company posted $3.44 EPS. On average, equities analysts predict that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a yield of 4.54%. Prudential Financial’s payout ratio is 46.22%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Jefferies Financial Group increased their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Bank of America raised their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Barclays boosted their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company increased their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $126.33.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is owned by corporate insiders.

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.