SG Americas Securities LLC Makes New $2.37 Million Investment in Prudential Financial, Inc. (NYSE:PRU)

Posted by on Sep 21st, 2023

SG Americas Securities LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 26,856 shares of the financial services provider’s stock, valued at approximately $2,369,000.

Several other hedge funds also recently bought and sold shares of PRU. Moneta Group Investment Advisors LLC increased its position in Prudential Financial by 104,987.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,450,633 shares of the financial services provider’s stock worth $243,740,000 after buying an additional 2,448,301 shares in the last quarter. Providence Capital Advisors LLC grew its position in shares of 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 purchasing an additional 2,193,521 shares during the period. Norges Bank purchased a new stake in shares of Prudential Financial in the fourth quarter valued at $172,363,000. Cowa LLC grew its position in shares of Prudential Financial by 9,930.2% in the first quarter. Cowa LLC now owns 771,824 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 764,129 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Prudential Financial by 9.6% in 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. Hedge funds and other institutional investors own 54.92% of the company’s stock.

Prudential Financial Trading Up 0.0 %

NYSE:PRU opened at $98.93 on Thursday. 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, Inc. has a one year low of $75.37 and a one year high of $110.96. The business’s 50-day simple moving average is $95.12 and its 200 day simple moving average is $88.03. The stock has a market cap of $35.91 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

Prudential Financial (NYSE:PRU – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $2.94 EPS for the quarter, missing the consensus estimate of $3.04 by ($0.10). Prudential Financial had a return on equity of 15.73% and a net margin of 1.82%. The business had revenue of $12.64 billion during the quarter, compared to analyst estimates of $12.68 billion. During the same quarter last year, the firm posted $1.74 EPS. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 11.81 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 5.05%. The ex-dividend date of this dividend was Monday, August 21st. Prudential Financial’s dividend payout ratio (DPR) is 166.67%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PRU shares. StockNews.com assumed coverage on Prudential Financial in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Wells Fargo & Company lifted their target price on Prudential Financial from $89.00 to $92.00 and gave the company an “underweight” rating in a report on Tuesday, August 15th. Jefferies Financial Group upgraded Prudential Financial from an “underperform” rating to a “hold” rating and lifted their target price for the company from $70.00 to $93.00 in a report on Wednesday, September 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Prudential Financial in a report on Friday, September 8th. Finally, Barclays lifted their target price on Prudential Financial from $91.00 to $101.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $102.73.

Get Our Latest Stock Report on PRU

About Prudential Financial

(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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