SteelPeak Wealth LLC Purchases Shares of 8,051 Prudential Financial, Inc. $PRU

SteelPeak Wealth LLC purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,051 shares of the financial services provider’s stock, valued at approximately $787,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRU. Brighton Jones LLC lifted its position in shares of Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 133 shares during the period. Empowered Funds LLC raised its stake in Prudential Financial by 30.5% during the first quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock worth $1,976,000 after buying an additional 4,134 shares during the last quarter. Brown Advisory Inc. raised its stake in Prudential Financial by 3.5% during the second quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock worth $447,000 after buying an additional 140 shares during the last quarter. AXA S.A. lifted its holdings in Prudential Financial by 25.8% in the second quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock valued at $6,092,000 after buying an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC boosted its position in Prudential Financial by 15.1% during the second quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock valued at $4,005,000 after acquiring an additional 4,895 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Trading Up 0.7%

PRU opened at $119.05 on Friday. The company has a fifty day moving average price of $107.27 and a two-hundred day moving average price of $104.17. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $120.53. The company has a market cap of $41.31 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 2.44 and a beta of 0.85. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The company had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same period last year, the business posted $3.29 EPS. Analysts predict that Prudential Financial, Inc. will post 13.79 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were issued a dividend of $1.40 per share. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. Prudential Financial’s payout ratio is currently 57.61%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America lowered their price objective on Prudential Financial from $112.00 to $104.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Jefferies Financial Group raised their target price on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Piper Sandler lifted their target price on Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Finally, Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $104.58.

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.