Horizon Investments LLC Raises Stake in Prudential Financial, Inc. (NYSE:PRU)

Horizon Investments LLC increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,386 shares of the financial services provider’s stock after buying an additional 107 shares during the period. Horizon Investments LLC’s holdings in Prudential Financial were worth $757,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Prudential Financial by 176.8% during the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock valued at $123,804,000 after acquiring an additional 665,180 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Prudential Financial during the 4th quarter valued at $76,303,000. Amundi lifted its holdings in shares of Prudential Financial by 32.7% in the 4th quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock worth $181,851,000 after buying an additional 378,266 shares during the period. FMR LLC grew its position in shares of Prudential Financial by 31.3% during the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after buying an additional 344,254 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 4.1% in the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after acquiring an additional 341,787 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the acquisition, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Prudential Financial Stock Up 0.8 %

PRU stock opened at $110.64 on Thursday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. Prudential Financial, Inc. has a 52 week low of $104.45 and a 52 week high of $130.55. The stock has a market capitalization of $39.61 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The firm has a 50 day moving average of $113.81 and a 200 day moving average of $119.18.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.88%. Prudential Financial’s payout ratio is 72.29%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRU. Piper Sandler dropped their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods cut their price target on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Morgan Stanley decreased their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Finally, TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Company 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.