2,320 Shares in Prudential Financial, Inc. (NYSE:PRU) Acquired by RNC Capital Management LLC

RNC Capital Management LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU – Get Rating) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,320 shares of the financial services provider’s stock, valued at approximately $231,000.

A number of other large investors also recently bought and sold shares of PRU. Fairfield Bush & CO. acquired a new stake in shares of Prudential Financial during the 1st quarter worth $36,000. Blair William & Co. IL increased its stake in Prudential Financial by 11.3% during the first quarter. Blair William & Co. IL now owns 50,600 shares of the financial services provider’s stock worth $5,979,000 after acquiring an additional 5,126 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Prudential Financial by 6.4% in the 1st quarter. Sei Investments Co. now owns 90,235 shares of the financial services provider’s stock worth $10,698,000 after purchasing an additional 5,452 shares during the period. Candriam Luxembourg S.C.A. lifted its stake in shares of Prudential Financial by 0.7% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 47,576 shares of the financial services provider’s stock valued at $5,621,000 after purchasing an additional 326 shares in the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Prudential Financial by 36.4% during the 1st quarter. Baird Financial Group Inc. now owns 135,716 shares of the financial services provider’s stock worth $16,037,000 after purchasing an additional 36,184 shares during the period. Hedge funds and other institutional investors own 56.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PRU. Piper Sandler restated a “neutral” rating and issued a $106.00 price target on shares of Prudential Financial in a report on Wednesday, February 8th. Wells Fargo & Company lifted their target price on shares of Prudential Financial from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Monday, February 13th. The Goldman Sachs Group downgraded Prudential Financial from a “neutral” rating to a “sell” rating and lowered their price target for the company from $98.00 to $96.00 in a report on Monday, January 9th. Morgan Stanley boosted their price objective on Prudential Financial from $112.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 10th. Finally, Barclays lowered their target price on Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and an average price target of $103.00.

Insider Transactions at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 11,405 shares of the business’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $100.95, for a total value of $1,151,334.75. Following the completion of the sale, the executive vice president now directly owns 12,300 shares of the company’s stock, valued at $1,241,685. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Andrew F. Sullivan sold 4,126 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the transaction, the executive vice president now directly owns 12,241 shares in the company, valued at approximately $1,214,307.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andrew F. Sullivan sold 11,405 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the sale, the executive vice president now directly owns 12,300 shares of the company’s stock, valued at approximately $1,241,685. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

PRU stock opened at $78.02 on Friday. The stock’s 50 day moving average is $98.36 and its two-hundred day moving average is $98.88. Prudential Financial, Inc. has a 52-week low of $76.90 and a 52-week high of $122.54. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.07 and a current ratio of 0.07.

Prudential Financial (NYSE:PRU – Get Rating) last released its quarterly earnings results on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.15). The company had revenue of $12.65 billion for the quarter, compared to analyst estimates of $12.78 billion. Prudential Financial had a positive return on equity of 13.31% and a negative net margin of 2.33%. During the same period in the previous year, the business posted $3.18 EPS. On average, analysts predict that Prudential Financial, Inc. will post 12.2 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date was Friday, February 17th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.20. Prudential Financial’s dividend payout ratio is -126.90%.

Prudential Financial declared that its Board of Directors has approved a share buyback plan on Tuesday, February 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

About Prudential Financial

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.