Leo Wealth LLC Buys New Stake in Prudential Financial, Inc. $PRU

Leo Wealth LLC purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 7,497 shares of the financial services provider’s stock, valued at approximately $852,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Prudential Financial during the 2nd quarter worth $3,507,481,000. Bank of New York Mellon Corp acquired a new position in Prudential Financial in the second quarter valued at $209,055,000. Bank of America Corp DE acquired a new position in Prudential Financial in the second quarter valued at $208,957,000. Deutsche Bank AG acquired a new position in Prudential Financial in the second quarter valued at $157,752,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Prudential Financial by 95.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

PRU has been the topic of a number of research analyst reports. Evercore cut their target price on Prudential Financial from $110.00 to $106.00 in a research report on Friday, October 9th. Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday, September 28th. Bank of America dropped their price target on Prudential Financial from $132.00 to $130.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. TD Cowen dropped their price target on Prudential Financial from $114.00 to $112.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. Finally, Piper Sandler cut their price target on Prudential Financial from $128.00 to $120.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $111.33.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Prudential Financial Stock Performance

NYSE PRU opened at $115.79 on Tuesday. The firm has a market cap of $39.95 billion, a P/E ratio of 7.54, a P/E/G ratio of 1.84 and a beta of 0.85. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The business’s 50-day moving average price is $117.71 and its 200 day moving average price is $108.84. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. During the same period in the prior year, the business earned $3.58 EPS. On average, equities research analysts expect that Prudential Financial, Inc. will post 13.53 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, August 25th. Prudential Financial’s payout ratio is currently 50.72%.

Prudential Financial Profile

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.