Patriot Financial Group Insurance Agency LLC Acquires 5,501 Shares of Prudential Financial, Inc. $PRU

Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 108.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,552 shares of the financial services provider’s stock after acquiring an additional 5,501 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Prudential Financial were worth $1,031,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Cornerstone Wealth Group LLC grew its holdings in shares of Prudential Financial by 20.4% during the 1st quarter. Cornerstone Wealth Group LLC now owns 86,476 shares of the financial services provider’s stock valued at $8,341,000 after purchasing an additional 14,632 shares during the last quarter. Econ Financial Services Corp purchased a new stake in Prudential Financial during the first quarter valued at about $1,532,000. Wesbanco Bank Inc. boosted its position in Prudential Financial by 2.3% during the first quarter. Wesbanco Bank Inc. now owns 22,470 shares of the financial services provider’s stock valued at $2,195,000 after buying an additional 509 shares during the period. Stokes Capital Advisors LLC bought a new position in shares of Prudential Financial during the first quarter valued at about $347,000. Finally, Xcel Wealth Management LLC increased its holdings in shares of Prudential Financial by 82.4% in the first quarter. Xcel Wealth Management LLC now owns 29,281 shares of the financial services provider’s stock worth $2,860,000 after buying an additional 13,230 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Up 0.9%

Shares of NYSE:PRU opened at $109.18 on Tuesday. The stock’s 50-day moving average is $102.70 and its 200 day moving average is $104.21. The company has a market cap of $37.89 billion, a PE ratio of 11.23, a P/E/G ratio of 1.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $119.76.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping 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 business had revenue of $15.23 billion during the quarter, compared to analysts’ expectations of $14.10 billion. During the same quarter last year, the business posted $3.29 EPS. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.81 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a $1.40 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 5.1%. Prudential Financial’s payout ratio is 57.61%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PRU shares. BMO Capital Markets dropped their target price on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating for the company in a report on Thursday, April 23rd. UBS Group decreased their price target on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Morgan Stanley reissued an “underweight” rating and set a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock a “market perform” rating in a report on Wednesday, May 13th. Finally, Piper Sandler lifted their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Eleven research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $101.92.

Prudential Financial 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.