Merit Financial Group LLC Increases Position in Prudential Financial, Inc. (NYSE:PRU)

Merit Financial Group LLC raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 59.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,566 shares of the financial services provider’s stock after buying an additional 3,939 shares during the period. Merit Financial Group LLC’s holdings in Prudential Financial were worth $1,180,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Capital Advisors Inc. OK boosted its position in shares of Prudential Financial by 5.1% during the fourth quarter. Capital Advisors Inc. OK now owns 262,238 shares of the financial services provider’s stock valued at $31,083,000 after buying an additional 12,644 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Prudential Financial during the fourth quarter valued at approximately $2,897,000. Roxbury Financial LLC purchased a new position in shares of Prudential Financial during the fourth quarter valued at approximately $1,965,000. Lecap Asset Management Ltd. purchased a new position in shares of Prudential Financial during the fourth quarter valued at approximately $874,000. Finally, Bridgewater Associates LP raised its stake in shares of Prudential Financial by 41.8% during the fourth quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider’s stock valued at $46,031,000 after acquiring an additional 114,459 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of NYSE:PRU opened at $105.63 on Friday. The company has a market capitalization of $37.39 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $102.63 and a 200 day moving average of $111.85.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The business’s quarterly revenue was down 38.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.12 earnings per share. On average, sell-side analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend is Tuesday, May 20th. Prudential Financial’s payout ratio is presently 85.58%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. The trade was a 18.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRU. Wall Street Zen downgraded shares of Prudential Financial from a “hold” rating to a “sell” rating in a research note on Sunday. Piper Sandler decreased their price target on shares of Prudential Financial from $110.00 to $109.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Wells Fargo & Company lifted their price target on shares of Prudential Financial from $108.00 to $113.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. UBS Group decreased their price target on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, May 27th. Finally, Morgan Stanley lifted their price target on shares of Prudential Financial from $108.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $120.15.

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.