Cullinan Associates Inc. Purchases 145,423 Shares of Prudential Financial, Inc. (NYSE:PRU)

Cullinan Associates Inc. grew its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2,355.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,598 shares of the financial services provider’s stock after acquiring an additional 145,423 shares during the period. Prudential Financial comprises 1.0% of Cullinan Associates Inc.’s portfolio, making the stock its 28th largest position. Cullinan Associates Inc.’s holdings in Prudential Financial were worth $17,798,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cambridge Trust Co. grew its holdings in Prudential Financial by 77.2% in the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 105 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Prudential Financial in the fourth quarter worth about $26,000. Headinvest LLC bought a new stake in shares of Prudential Financial during the third quarter valued at approximately $27,000. Arlington Trust Co LLC increased its position in shares of Prudential Financial by 151.6% during the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 185 shares in the last quarter. Finally, Pineridge Advisors LLC bought a new stake in shares of Prudential Financial during the fourth quarter valued at approximately $36,000. 56.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRU. JPMorgan Chase & Co. lifted their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday. Evercore ISI lifted their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday, April 25th. Keefe, Bruyette & Woods boosted their price objective on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Jefferies Financial Group cut their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday. Finally, Piper Sandler cut their price objective on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $115.92.

Prudential Financial Trading Up 0.2 %

PRU stock traded up $0.25 during trading on Tuesday, reaching $117.78. 225,166 shares of the stock were exchanged, compared to its average volume of 1,472,073. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average price of $116.38 and a 200-day moving average price of $110.96. Prudential Financial, Inc. has a 1 year low of $87.57 and a 1 year high of $121.39. The firm has a market capitalization of $42.28 billion, a price-to-earnings ratio of 20.02, a P/E/G ratio of 0.88 and a beta of 1.34.

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

Prudential Financial Announces Dividend

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

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction on Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the acquisition, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Falzon sold 130,092 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.