Synovus Financial Corp Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its position in shares of Prudential Financial by 4,130.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after buying an additional 1,267,571 shares during the period. AQR Capital Management LLC grew its holdings in Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock worth $84,874,000 after purchasing an additional 357,300 shares during the period. FMR LLC increased its stake in shares of Prudential Financial by 31.3% during the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock valued at $174,903,000 after purchasing an additional 344,254 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Prudential Financial by 4.1% during the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after purchasing an additional 341,787 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Prudential Financial by 9.4% in the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after buying an additional 305,143 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU opened at $114.59 on Thursday. The firm has a market capitalization of $40.79 billion, a P/E ratio of 10.19, a PEG ratio of 0.87 and a beta of 1.29. 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, Inc. has a one year low of $100.60 and a one year high of $130.55. The business has a fifty day moving average of $124.80 and a 200 day moving average of $120.45.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the previous year, the company posted $3.44 EPS. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Announces Dividend

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

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the stock in a transaction dated Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the transaction, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 6.61 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PRU shares. Bank of America boosted their target price on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Wells Fargo & Company upped their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler raised their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group increased their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, TD Cowen boosted their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Eleven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $126.33.

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.