Ingalls & Snyder LLC Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Ingalls & Snyder LLC bought a new position in Prudential Financial, Inc. (NYSE:PRU) during the third quarter, Holdings Channel reports. The institutional investor bought 2,589 shares of the financial services provider’s stock, valued at approximately $314,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Ashton Thomas Securities LLC acquired a new position in Prudential Financial during the 3rd quarter valued at approximately $31,000. Strategic Financial Concepts LLC lifted its stake in Prudential Financial by 1,312.4% in the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after buying an additional 25,027 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Prudential Financial during the second quarter valued at $38,000. Tompkins Financial Corp grew its position in shares of Prudential Financial by 61.7% during the third quarter. Tompkins Financial Corp now owns 367 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 140 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in Prudential Financial in the 2nd quarter valued at about $45,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on PRU shares. TD Cowen upped their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Morgan Stanley cut their price objective on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group raised their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $125.92.

Prudential Financial Stock Performance

Prudential Financial stock opened at $127.14 on Wednesday. The firm’s 50 day simple moving average is $124.54 and its 200-day simple moving average is $120.22. Prudential Financial, Inc. has a fifty-two week low of $96.87 and a fifty-two week high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market cap of $45.26 billion, a P/E ratio of 11.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate 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 in the previous year, the company posted $3.44 earnings per share. As a group, equities research analysts predict that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.09%. Prudential Financial’s dividend payout ratio is 46.22%.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the business’s stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now directly owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

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.