Arete Wealth Advisors LLC Acquires New Holdings in Prudential Financial, Inc. (NYSE:PRU)

Posted by on Sep 15th, 2023

Arete Wealth Advisors LLC acquired a new stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,824 shares of the financial services provider’s stock, valued at approximately $896,000.

Several other institutional investors also recently bought and sold shares of PRU. Moneta Group Investment Advisors LLC boosted its stake in Prudential Financial by 104,987.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,450,633 shares of the financial services provider’s stock valued at $243,740,000 after acquiring an additional 2,448,301 shares in the last quarter. Providence Capital Advisors LLC boosted its stake in Prudential Financial by 8,350.2% in the first quarter. Providence Capital Advisors LLC now owns 2,219,790 shares of the financial services provider’s stock valued at $26,828,000 after acquiring an additional 2,193,521 shares in the last quarter. Norges Bank acquired a new stake in Prudential Financial in the fourth quarter valued at approximately $172,363,000. Cowa LLC lifted its stake in shares of Prudential Financial by 9,930.2% during the first quarter. Cowa LLC now owns 771,824 shares of the financial services provider’s stock worth $912,000 after buying an additional 764,129 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake 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 worth $796,194,000 after buying an additional 700,449 shares during the period. 54.92% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Prudential Financial stock opened at $99.15 on Friday. The company’s fifty day moving average price is $94.26 and its 200 day moving average price is $88.04. Prudential Financial, Inc. has a 1 year low of $75.37 and a 1 year high of $110.96. The stock has a market capitalization of $35.99 billion, a P/E ratio of 33.05, a P/E/G ratio of 0.75 and a beta of 1.41. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.06 and a current ratio of 0.06.

Prudential Financial (NYSE:PRU – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.04 by ($0.10). Prudential Financial had a net margin of 1.82% and a return on equity of 15.73%. The company had revenue of $12.64 billion during the quarter, compared to analyst estimates of $12.68 billion. During the same period in the prior year, the business posted $1.74 EPS. As a group, equities research analysts anticipate that Prudential Financial, Inc. will post 11.82 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd were paid a dividend of $1.25 per share. The ex-dividend date was Monday, August 21st. This represents a $5.00 annualized dividend and a yield of 5.04%. Prudential Financial’s dividend payout ratio (DPR) is presently 166.67%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRU shares. Piper Sandler lifted their price objective on shares of Prudential Financial from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. Morgan Stanley restated an “equal weight” rating and set a $102.00 target price on shares of Prudential Financial in a research report on Wednesday, August 2nd. Raymond James raised Prudential Financial from a “market perform” rating to a “strong-buy” rating and set a $125.00 price target on the stock in a research report on Thursday, August 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 target price on shares of Prudential Financial in a report on Friday, September 8th. Finally, Jefferies Financial Group raised Prudential Financial from an “underperform” rating to a “hold” rating and boosted their price target for the company from $70.00 to $93.00 in a report on Wednesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $102.73.

View Our Latest Stock Report on Prudential Financial

Prudential Financial Profile

(Free Report)

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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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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