Sound Income Strategies LLC Grows Position in Prudential Financial, Inc. (NYSE:PRU)

Sound Income Strategies LLC raised its position in Prudential Financial, Inc. (NYSE:PRU) by 11.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,260 shares of the financial services provider’s stock after purchasing an additional 2,516 shares during the quarter. Sound Income Strategies LLC’s holdings in Prudential Financial were worth $2,848,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bruce G. Allen Investments LLC raised its holdings in shares of Prudential Financial by 38.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 352 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 98 shares during the period. First Financial Corp IN raised its holdings in shares of Prudential Financial by 13.7% during the 4th quarter. First Financial Corp IN now owns 848 shares of the financial services provider’s stock valued at $88,000 after buying an additional 102 shares during the period. McIlrath & Eck LLC raised its holdings in shares of Prudential Financial by 18.0% during the 4th quarter. McIlrath & Eck LLC now owns 670 shares of the financial services provider’s stock valued at $69,000 after buying an additional 102 shares during the period. Cambridge Trust Co. raised its holdings in shares of Prudential Financial by 77.2% during the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after buying an additional 105 shares during the period. Finally, Mechanics Financial Corp raised its holdings in shares of Prudential Financial by 6.3% during the 4th quarter. Mechanics Financial Corp now owns 1,771 shares of the financial services provider’s stock valued at $184,000 after buying an additional 105 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU traded down $1.05 during mid-day trading on Wednesday, hitting $117.54. The stock had a trading volume of 1,278,272 shares, compared to its average volume of 1,483,369. The company has a market cap of $42.20 billion, a PE ratio of 20.01, a PEG ratio of 0.89 and a beta of 1.35. The company’s fifty day simple moving average is $115.87 and its two-hundred day simple moving average is $110.65. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67. Prudential Financial, Inc. has a fifty-two week low of $85.04 and a fifty-two week high of $121.39.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). The company had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The company’s revenue for the quarter was up 69.9% on a year-over-year basis. During the same period last year, the business posted $2.66 EPS. On average, equities analysts expect that Prudential Financial, Inc. will post 13.41 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.42%. The ex-dividend date was Monday, May 20th. Prudential Financial’s payout ratio is currently 88.44%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PRU shares. Jefferies Financial Group upgraded Prudential Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $121.00 to $143.00 in a report on Wednesday, May 22nd. Evercore ISI raised their target price on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Morgan Stanley raised their price objective on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Piper Sandler lowered their price objective on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Finally, Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $115.25.

Insider Buying and Selling at Prudential Financial

In other news, SVP Timothy L. Schmidt sold 5,189 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Robert Falzon sold 130,092 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $118.57, for a total value of $15,425,008.44. Following the completion of the sale, the executive vice president now directly owns 202,083 shares of the company’s stock, valued at $23,960,981.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the completion of the sale, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Prudential Financial Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.