Redwood Investment Management LLC Buys New Position in Prudential Financial, Inc. $PRU

Redwood Investment Management LLC purchased a new position in Prudential Financial, Inc. (NYSE:PRU) in the second quarter, Holdings Channel.com reports. The fund purchased 8,235 shares of the financial services provider’s stock, valued at approximately $889,000.

Other hedge funds have also added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. raised its holdings in Prudential Financial by 34.8% in the 2nd quarter. Keating Financial Advisory Services Inc. now owns 395 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 102 shares in the last quarter. Rossby Financial LCC boosted its stake in shares of Prudential Financial by 32.4% during the 4th quarter. Rossby Financial LCC now owns 421 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 103 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Prudential Financial by 5.6% during the fourth quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider’s stock valued at $223,000 after buying an additional 104 shares during the period. Western Wealth Management LLC increased its position in shares of Prudential Financial by 1.7% during the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider’s stock valued at $702,000 after buying an additional 105 shares during the period. Finally, Apella Capital LLC raised its stake in Prudential Financial by 3.7% in the first quarter. Apella Capital LLC now owns 2,979 shares of the financial services provider’s stock worth $303,000 after buying an additional 106 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PRU. Jefferies Financial Group lifted their price objective on Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Piper Sandler increased their target price on Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Argus lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Finally, TD Cowen increased their price objective on Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $109.31.

Insider Activity at Prudential Financial

In related news, EVP Ann M. Kappler sold 7,652 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.05% of the company’s stock.

Prudential Financial Trading Up 0.2%

NYSE PRU opened at $120.43 on Friday. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The stock’s fifty day moving average price is $117.69 and its 200-day moving average price is $106.17. The stock has a market cap of $41.55 billion, a P/E ratio of 10.91, a P/E/G ratio of 2.26 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same quarter in the previous year, the firm earned $3.58 EPS. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.3 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.6%. Prudential Financial’s payout ratio is 50.72%.

Prudential Financial Company Profile

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.