Allstate Corp Acquires Shares of 10,384 Prudential Financial, Inc. (NYSE:PRU)

Allstate Corp bought a new position in Prudential Financial, Inc. (NYSE:PRU) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,384 shares of the financial services provider’s stock, valued at approximately $1,231,000.

Other hedge funds have also made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Prudential Financial in the third quarter valued at approximately $283,000. FMR LLC raised its position in Prudential Financial by 31.3% in the 3rd 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 during the last quarter. Freedom Investment Management Inc. boosted its stake in Prudential Financial by 14.0% in the third quarter. Freedom Investment Management Inc. now owns 3,478 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 427 shares in the last quarter. Glenmede Trust Co. NA increased its stake in shares of Prudential Financial by 7.4% in the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock valued at $2,176,000 after buying an additional 1,234 shares in the last quarter. Finally, Fiduciary Trust Co bought a new position in shares of Prudential Financial in the third quarter valued at about $252,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Down 3.9 %

Shares of NYSE PRU opened at $109.94 on Monday. The firm has a 50 day moving average price of $113.09 and a 200 day moving average price of $118.98. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market cap of $39.36 billion, a P/E ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 52-week low of $104.45 and a 52-week high of $130.55.

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

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.91%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the stock in a transaction on Tuesday, March 25th. The shares were purchased at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the subject of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 19th. Morgan Stanley decreased their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. BMO Capital Markets began coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price for the company. Finally, Barclays lifted their price objective on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $126.15.

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.