Alliancebernstein L.P. Purchases 32,928 Shares of Prudential Financial, Inc. (NYSE:PRU)

Alliancebernstein L.P. raised its position in Prudential Financial, Inc. (NYSE:PRU) by 7.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 463,545 shares of the financial services provider’s stock after buying an additional 32,928 shares during the quarter. Alliancebernstein L.P. owned about 0.13% of Prudential Financial worth $54,944,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Ascent Group LLC purchased a new stake in Prudential Financial during the third quarter valued at about $200,000. HighTower Advisors LLC raised its position in shares of Prudential Financial by 18.7% in the third quarter. HighTower Advisors LLC now owns 69,542 shares of the financial services provider’s stock valued at $8,395,000 after purchasing an additional 10,964 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Prudential Financial by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock valued at $9,597,000 after buying an additional 1,765 shares in the last quarter. Investment Management Corp of Ontario boosted its holdings in Prudential Financial by 48.4% in the 3rd quarter. Investment Management Corp of Ontario now owns 11,951 shares of the financial services provider’s stock worth $1,447,000 after buying an additional 3,900 shares during the period. Finally, IHT Wealth Management LLC raised its holdings in Prudential Financial by 11.5% during the 3rd quarter. IHT Wealth Management LLC now owns 8,389 shares of the financial services provider’s stock valued at $1,014,000 after acquiring an additional 868 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

NYSE PRU opened at $96.27 on Friday. The company has a market capitalization of $34.46 billion, a P/E ratio of 12.89, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 52-week low of $95.73 and a 52-week high of $130.55. The company has a fifty day moving average of $112.03 and a 200-day moving average of $118.63.

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

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.61%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s payout ratio is presently 72.29%.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was bought at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the acquisition, the insider now directly owns 139,987 shares of the company’s stock, valued at $3,992,429.24. The trade was a 60.18 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This trade 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 corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRU shares. JPMorgan Chase & Co. cut their price target on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Wednesday. Jefferies Financial Group raised their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays upped their price target on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. BMO Capital Markets assumed coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. Finally, Morgan Stanley decreased their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $126.08.

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.