Transcendent Capital Group LLC Invests $382,000 in Prudential Financial, Inc. (NYSE:PRU)

Transcendent Capital Group LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,681 shares of the financial services provider’s stock, valued at approximately $382,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRU. Van ECK Associates Corp raised its stake in Prudential Financial by 4.0% in the 3rd quarter. Van ECK Associates Corp now owns 9,093 shares of the financial services provider’s stock valued at $863,000 after acquiring an additional 346 shares during the period. HighTower Advisors LLC boosted its stake in Prudential Financial by 7.6% in the third quarter. HighTower Advisors LLC now owns 56,621 shares of the financial services provider’s stock valued at $5,369,000 after buying an additional 4,021 shares in the last quarter. Manchester Capital Management LLC boosted its stake in Prudential Financial by 1,969.6% in the third quarter. Manchester Capital Management LLC now owns 476 shares of the financial services provider’s stock valued at $45,000 after buying an additional 453 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Prudential Financial by 3.6% in the third quarter. PNC Financial Services Group Inc. now owns 107,737 shares of the financial services provider’s stock valued at $10,223,000 after buying an additional 3,783 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Prudential Financial by 37.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 111,592 shares of the financial services provider’s stock valued at $10,540,000 after purchasing an additional 30,186 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 0.8 %

Prudential Financial stock traded down $0.86 during mid-day trading on Friday, reaching $113.11. The stock had a trading volume of 1,065,223 shares, compared to its average volume of 1,290,051. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $121.39. The stock’s 50-day simple moving average is $115.09 and its 200-day simple moving average is $109.65. The firm has a market capitalization of $40.61 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 0.85 and a beta of 1.35.

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

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.60%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Insider Activity

In related news, EVP Robert Falzon sold 130,092 shares of the firm’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 directly owns 202,083 shares in the company, valued at approximately $23,960,981.31. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, SVP Timothy L. Schmidt sold 5,189 shares of Prudential Financial stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares in the company, valued at approximately $1,426,472.88. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction on Monday, May 13th. The shares were sold at an average price of $118.57, for a total value 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. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRU shares. Piper Sandler dropped their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Morgan Stanley increased their target price on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods increased their target price on 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 upgraded Prudential Financial from a “hold” rating to a “buy” rating and increased their target price for the company from $121.00 to $143.00 in a research report on Wednesday, May 22nd. Finally, Evercore ISI raised their price objective on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $115.25.

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.