NEOS Investment Management LLC Purchases 13,587 Shares of Prudential Financial, Inc. $PRU

NEOS Investment Management LLC lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 43.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 45,200 shares of the financial services provider’s stock after acquiring an additional 13,587 shares during the quarter. NEOS Investment Management LLC’s holdings in Prudential Financial were worth $4,689,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Merit Financial Group LLC grew its holdings in Prudential Financial by 8.0% during the 3rd quarter. Merit Financial Group LLC now owns 15,003 shares of the financial services provider’s stock worth $1,556,000 after acquiring an additional 1,109 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Prudential Financial by 1.9% during the third quarter. PNC Financial Services Group Inc. now owns 118,758 shares of the financial services provider’s stock valued at $12,320,000 after purchasing an additional 2,163 shares in the last quarter. Shell Asset Management Co. raised its stake in Prudential Financial by 0.9% in the third quarter. Shell Asset Management Co. now owns 22,365 shares of the financial services provider’s stock worth $2,320,000 after buying an additional 209 shares in the last quarter. Aberdeen Group plc lifted its holdings in Prudential Financial by 12.8% during the third quarter. Aberdeen Group plc now owns 403,726 shares of the financial services provider’s stock worth $41,509,000 after buying an additional 45,774 shares during the period. Finally, Metis Global Partners LLC boosted its position in Prudential Financial by 0.8% during the 3rd quarter. Metis Global Partners LLC now owns 25,814 shares of the financial services provider’s stock valued at $2,678,000 after acquiring an additional 207 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Stock Performance

Shares of PRU stock opened at $104.41 on Thursday. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $119.76. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The stock has a market cap of $36.33 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 1.18 and a beta of 0.97. The business has a 50-day simple moving average of $111.37 and a 200-day simple moving average of $107.44.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The company had revenue of $15.69 billion for the quarter, compared to analysts’ expectations of $14.48 billion. During the same quarter in the prior year, the business posted $2.96 earnings per share. On average, equities analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, February 17th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 5.4%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, February 17th. Prudential Financial’s payout ratio is currently 56.00%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler boosted their price target on Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 23rd. JPMorgan Chase & Co. reduced their target price on Prudential Financial from $133.00 to $127.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. Wall Street Zen downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Keefe, Bruyette & Woods upped their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. Finally, Mizuho lowered their target price on shares of Prudential Financial from $126.00 to $113.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. One analyst has rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $117.11.

Insider Buying and Selling

In other news, Director Joseph J. Wolk acquired 400 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were bought at an average cost of $105.32 per share, for a total transaction of $42,128.00. Following the acquisition, the director owned 400 shares in the company, valued at approximately $42,128. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jacques Chappuis bought 1,000 shares of Prudential Financial stock in a transaction on Friday, February 6th. The shares were purchased at an average cost of $100.97 per share, with a total value of $100,970.00. Following the acquisition, the executive vice president directly owned 1,000 shares of the company’s stock, valued at approximately $100,970. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,408,389 shares of company stock worth $35,154,439 in the last 90 days. 0.25% of the stock is owned by insiders.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.