SteelPeak Wealth LLC Raises Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

SteelPeak Wealth LLC increased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 192.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 10,165 shares of the financial services provider’s stock after acquiring an additional 6,684 shares during the period. SteelPeak Wealth LLC’s holdings in Prudential Financial were worth $1,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake 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 acquiring an additional 5,154,865 shares in the last quarter. Norges Bank acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $113,478,000. Dimensional Fund Advisors LP increased its holdings in Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares during the last quarter. Swedbank AB acquired a new stake in Prudential Financial during the 1st quarter worth $35,855,000. Finally, abrdn plc raised its holdings in shares of Prudential Financial by 37.5% during the fourth quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after acquiring an additional 302,164 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRU has been the subject of a number of analyst reports. Citigroup lifted their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Piper Sandler reduced their price objective on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. 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. Finally, JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $119.42.

Prudential Financial Stock Up 1.9 %

Shares of Prudential Financial stock traded up $2.16 on Thursday, reaching $113.56. The company’s stock had a trading volume of 2,023,313 shares, compared to its average volume of 1,505,067. The company has a market capitalization of $40.77 billion, a price-to-earnings ratio of 19.31, a P/E/G ratio of 0.85 and a beta of 1.34. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The firm’s fifty day simple moving average is $117.89 and its two-hundred day simple moving average is $114.35.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be paid 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 4.58%. Prudential Financial’s dividend payout ratio 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.