Wedge Capital Management L L P NC Buys 7,161 Shares of Prudential Financial, Inc. (NYSE:PRU)

Wedge Capital Management L L P NC lifted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 365,381 shares of the financial services provider’s stock after acquiring an additional 7,161 shares during the period. Wedge Capital Management L L P NC owned approximately 0.10% of Prudential Financial worth $42,819,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PRU. Sequoia Financial Advisors LLC increased its position in Prudential Financial by 77.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,355 shares of the financial services provider’s stock valued at $763,000 after buying an additional 3,220 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Prudential Financial in the fourth quarter valued at approximately $2,261,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Prudential Financial during the fourth quarter valued at $214,000. BOK Financial Private Wealth Inc. grew its holdings in Prudential Financial by 78.5% during the fourth quarter. BOK Financial Private Wealth Inc. now owns 1,573 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 692 shares during the period. Finally, Capital Analysts LLC bought a new position in Prudential Financial during the fourth quarter valued at $46,000. 56.83% of the stock is owned by institutional investors.

Prudential Financial Stock Performance

NYSE:PRU traded up $2.16 during trading hours on Thursday, reaching $113.56. The company had a trading volume of 2,023,313 shares, compared to its average volume of 1,505,067. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The firm has a market cap of $40.77 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.85 and a beta of 1.34. The firm’s 50 day moving average price is $117.89 and its 200-day moving average price is $114.35.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRU. Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Piper Sandler reduced their price objective on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Morgan Stanley raised their target price on Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Citigroup raised their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Evercore ISI lifted their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. One investment 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $119.42.

Prudential Financial Company 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.