WASHINGTON TRUST Co Boosts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

WASHINGTON TRUST Co lifted its position in Prudential Financial, Inc. (NYSE:PRU) by 33.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,258 shares of the financial services provider’s stock after buying an additional 315 shares during the quarter. WASHINGTON TRUST Co’s holdings in Prudential Financial were worth $147,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PRU. Vanguard Group Inc. raised its holdings in shares of Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after buying an additional 5,154,865 shares during the period. Norges Bank purchased a new stake in Prudential Financial during the 4th quarter worth about $113,478,000. Dimensional Fund Advisors LP increased its holdings in Prudential Financial by 10.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock worth $414,926,000 after purchasing an additional 388,363 shares during the period. Swedbank AB purchased a new stake in Prudential Financial during the 1st quarter worth about $35,855,000. Finally, abrdn plc increased its holdings in Prudential Financial by 37.5% during the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after purchasing an additional 302,164 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the purchase, 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 legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of several recent research reports. Citigroup upped their price target on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Morgan Stanley upped their price target on Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Keefe, Bruyette & Woods upped their price target on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. Jefferies Financial Group dropped their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Piper Sandler dropped their price objective on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and an average price target of $119.42.

Prudential Financial Stock Performance

Shares of NYSE PRU traded up $0.75 during trading hours on Tuesday, reaching $109.15. The stock had a trading volume of 748,291 shares, compared to its average volume of 1,495,280. The firm has a market cap of $38.97 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 0.83 and a beta of 1.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a fifty-two week low of $87.95 and a fifty-two week high of $128.52. The firm has a 50-day moving average of $118.18 and a 200-day moving average of $114.34.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be given a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.76%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

About Prudential Financial

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.