Erste Asset Management GmbH Invests $6.80 Million in Prudential Financial, Inc. (NYSE:PRU)

Erste Asset Management GmbH bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 56,283 shares of the financial services provider’s stock, valued at approximately $6,800,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Lynx Investment Advisory bought a new stake in Prudential Financial during the second quarter valued at $29,000. Ashton Thomas Securities LLC bought a new position in shares of Prudential Financial in the third quarter worth approximately $31,000. Strategic Financial Concepts LLC raised its stake in Prudential Financial by 1,312.4% in the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 25,027 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in Prudential Financial during the second quarter valued at approximately $38,000. Finally, Tompkins Financial Corp grew its stake in Prudential Financial by 61.7% in the 3rd quarter. Tompkins Financial Corp now owns 367 shares of the financial services provider’s stock worth $44,000 after buying an additional 140 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares in the company, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is owned by corporate insiders.

Prudential Financial Stock Performance

NYSE:PRU opened at $128.42 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a twelve month low of $96.87 and a twelve month high of $130.55. The stock has a market cap of $45.72 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.29. The firm’s fifty day simple moving average is $124.24 and its 200 day simple moving average is $120.12.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same quarter in the previous year, the company earned $3.44 earnings per share. As a group, research analysts predict that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.05%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. TD Cowen upped their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and raised their price objective for the company from $117.00 to $140.00 in a report on Thursday, November 14th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average price target of $125.92.

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.