QRG Capital Management Inc. Purchases 5,123 Shares of Prudential Financial, Inc. (NYSE:PRU)

QRG Capital Management Inc. lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 10.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,902 shares of the financial services provider’s stock after purchasing an additional 5,123 shares during the period. QRG Capital Management Inc.’s holdings in Prudential Financial were worth $6,508,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Prudential Financial by 176.8% during the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after purchasing an additional 665,180 shares during the period. FMR LLC raised its position in Prudential Financial by 31.3% in the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after acquiring an additional 344,254 shares during the period. Geode Capital Management LLC grew its position in shares of Prudential Financial by 4.1% during the 3rd 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 acquiring an additional 341,787 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Prudential Financial during the 4th quarter worth approximately $29,998,000. Finally, Capital Advisors Inc. OK bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $30,226,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

NYSE PRU opened at $115.07 on Friday. The company’s 50 day simple moving average is $116.35 and its two-hundred day simple moving average is $119.77. The stock has a market capitalization of $41.20 billion, a PE ratio of 15.40, a P/E/G ratio of 0.98 and a beta of 1.31. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $104.44 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.69%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Tuesday, February 18th. Prudential Financial’s dividend payout ratio is 72.29%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PRU shares. Piper Sandler reduced their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. BMO Capital Markets started coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. Barclays upped their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Finally, Morgan Stanley dropped their price target on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and a consensus target price of $126.15.

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.