Welch & Forbes LLC Invests $220,000 in Prudential Financial, Inc. (NYSE:PRU)

Welch & Forbes LLC bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,858 shares of the financial services provider’s stock, valued at approximately $220,000.

Other hedge funds have also recently bought and sold shares of the company. Inceptionr LLC bought a new stake in shares of Prudential Financial during the fourth quarter worth $249,000. Raymond James Financial Inc. acquired a new position in Prudential Financial in the 4th quarter worth $76,303,000. First Business Financial Services Inc. increased its holdings in Prudential Financial by 6.6% during the 4th quarter. First Business Financial Services Inc. now owns 18,528 shares of the financial services provider’s stock worth $2,196,000 after purchasing an additional 1,142 shares in the last quarter. Vision Financial Markets LLC bought a new stake in shares of Prudential Financial in the fourth quarter valued at about $242,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Prudential Financial during the fourth quarter worth about $253,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group lifted their target price on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. BMO Capital Markets initiated coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective on the stock. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their target price for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. Keefe, Bruyette & Woods cut their price target on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company raised their price objective on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $111.35 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average price is $115.53 and its two-hundred day moving average price is $119.74. The company has a market cap of $39.86 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a twelve month low of $104.44 and a twelve month high of $130.55.

Prudential Financial (NYSE:PRU) last posted 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 return on equity of 15.86% and a net margin of 4.01%. On average, analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date is Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 72.29%.

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.