Assetmark Inc. boosted its stake in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 15.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,728 shares of the financial services provider’s stock after buying an additional 1,923 shares during the period. Assetmark Inc.’s holdings in Prudential Financial were worth $1,219,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Prudential Financial by 9.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,005,166 shares of the financial services provider’s stock valued at $796,194,000 after purchasing an additional 700,449 shares during the period. Morgan Stanley boosted its stake in Prudential Financial by 6.7% during the fourth quarter. Morgan Stanley now owns 6,589,363 shares of the financial services provider’s stock valued at $655,378,000 after buying an additional 413,421 shares in the last quarter. Invesco Ltd. boosted its stake in Prudential Financial by 3.3% during the first quarter. Invesco Ltd. now owns 3,247,466 shares of the financial services provider’s stock valued at $383,753,000 after buying an additional 103,853 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Prudential Financial by 2.6% in the 1st quarter. Wellington Management Group LLP now owns 2,840,804 shares of the financial services provider’s stock valued at $335,698,000 after purchasing an additional 70,646 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Prudential Financial by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,464,224 shares of the financial services provider’s stock valued at $245,094,000 after purchasing an additional 135,288 shares during the period. 55.36% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
PRU has been the subject of several research analyst reports. VNET Group reiterated a “maintains” rating on shares of Prudential Financial in a research report on Monday, May 15th. Royal Bank of Canada lifted their price objective on Prudential Financial from $94.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 3rd. Barclays lifted their price objective on Prudential Financial from $91.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, August 4th. Piper Sandler lifted their price objective on Prudential Financial from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. Finally, TheStreet raised Prudential Financial from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average target price of $101.27.
Prudential Financial Stock Performance
PRU opened at $94.62 on Friday. Prudential Financial, Inc. has a 52-week low of $75.37 and a 52-week high of $110.96. The firm has a market capitalization of $34.35 billion, a PE ratio of 31.54, a PEG ratio of 0.79 and a beta of 1.40. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.06 and a current ratio of 0.06. The business’s 50-day simple moving average is $90.06 and its 200 day simple moving average is $89.43.
Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $2.94 EPS for the quarter, missing analysts’ consensus estimates of $3.04 by ($0.10). Prudential Financial had a return on equity of 15.73% and a net margin of 1.82%. The company had revenue of $12.64 billion for the quarter, compared to the consensus estimate of $12.68 billion. During the same quarter last year, the business earned $1.74 EPS. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 11.74 earnings per share for the current fiscal year.
Prudential Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Monday, August 21st. This represents a $5.00 dividend on an annualized basis and a yield of 5.28%. Prudential Financial’s dividend payout ratio is currently 166.67%.
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 Annuities, Individual Life, Assurance IQ, and International Businesses segments.
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