Cornerstone Wealth Group LLC Grows Stake in Prudential Financial, Inc. (NYSE:PRU)

Cornerstone Wealth Group LLC increased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 56,106 shares of the financial services provider’s stock after acquiring an additional 481 shares during the period. Cornerstone Wealth Group LLC’s holdings in Prudential Financial were worth $6,794,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Annex Advisory Services LLC raised its position in Prudential Financial by 3.4% during the 2nd quarter. Annex Advisory Services LLC now owns 2,467 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 81 shares in the last quarter. Raymond James Trust N.A. raised its position in Prudential Financial by 1.1% during the 2nd quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock valued at $951,000 after purchasing an additional 87 shares in the last quarter. Peoples Bank OH raised its position in Prudential Financial by 2.3% during the 1st quarter. Peoples Bank OH now owns 4,046 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 90 shares in the last quarter. Quotient Wealth Partners LLC raised its position in Prudential Financial by 3.9% during the 2nd quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 92 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Prudential Financial by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,449 shares of the financial services provider’s stock valued at $875,000 after acquiring an additional 94 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of analyst reports. Morgan Stanley cut their price target on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Piper Sandler lifted their price target on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. UBS Group lifted their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Barclays started coverage on Prudential Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price target on the stock. Finally, Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $123.69.

Insider Activity

In other news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Stock Up 1.1 %

Prudential Financial stock opened at $126.66 on Thursday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The business’s 50-day simple moving average is $120.88 and its two-hundred day simple moving average is $118.13. The company has a market cap of $45.22 billion, a PE ratio of 16.28, a PEG ratio of 0.94 and a beta of 1.30. Prudential Financial, Inc. has a fifty-two week low of $89.90 and a fifty-two week high of $128.52.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). The firm had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. Equities analysts anticipate that Prudential Financial, Inc. will post 13.3 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.11%. Prudential Financial’s dividend payout ratio (DPR) is presently 66.84%.

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.