Cadence Bank Has $20.20 Million Stake in Prudential Financial, Inc. (NYSE:PRU)

Cadence Bank lifted its position in Prudential Financial, Inc. (NYSE:PRU) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 166,780 shares of the financial services provider’s stock after buying an additional 3,159 shares during the quarter. Prudential Financial comprises approximately 1.4% of Cadence Bank’s holdings, making the stock its 14th largest position. Cadence Bank’s holdings in Prudential Financial were worth $20,197,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. First Horizon Advisors Inc. raised its stake in Prudential Financial by 4.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 162,685 shares of the financial services provider’s stock valued at $19,701,000 after purchasing an additional 6,641 shares during the last quarter. ORG Partners LLC acquired a new position in shares of Prudential Financial in the second quarter valued at $156,000. PGGM Investments lifted its position in Prudential Financial by 98.0% in the second quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock worth $7,533,000 after purchasing an additional 31,807 shares during the period. Janus Henderson Group PLC increased its holdings in Prudential Financial by 49.5% in the 1st quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock valued at $9,409,000 after buying an additional 26,520 shares during the period. Finally, Deerfield Management Company L.P. Series C acquired a new position in shares of Prudential Financial in the 2nd quarter valued at $530,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRU has been the subject of several recent research reports. Wells Fargo & Company increased their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler upped their price target on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Bank of America lifted their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. UBS Group increased their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. Eleven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $125.69.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 6.61 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The trade was a 9.84 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Prudential Financial Price Performance

Shares of PRU stock opened at $129.11 on Wednesday. The firm’s 50 day moving average price is $123.72 and its two-hundred day moving average price is $119.89. The stock has a market cap of $45.96 billion, a PE ratio of 11.48, a PEG ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 52-week low of $94.92 and a 52-week high of $129.69. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The firm had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter last year, the business earned $3.44 earnings per share. As a group, analysts forecast that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is 46.22%.

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.