Insider Buying: Prudential Financial (NYSE:PRU) Major Shareholder Purchases $34,985,598.93 in Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the firm’s stock in a transaction dated Friday, January 23rd. The stock was acquired at an average cost of $24.87 per share, for a total transaction of $34,985,598.93. Following the purchase, the insider owned 7,709,624 shares in the company, valued at approximately $191,738,348.88. The trade was a 22.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Prudential Financial Stock Down 1.4%

Prudential Financial stock traded down $1.56 during mid-day trading on Tuesday, hitting $107.42. The company had a trading volume of 2,310,870 shares, compared to its average volume of 1,786,537. The business has a fifty day moving average of $112.39 and a 200 day moving average of $107.25. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $123.88. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 0.92 and a beta of 0.97. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 EPS for the quarter, beating the consensus estimate of $3.72 by $0.54. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. The firm had revenue of $17.89 billion during the quarter, compared to analysts’ expectations of $13.77 billion. During the same quarter last year, the business earned $3.48 earnings per share. On average, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Tuesday, November 18th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $5.40 annualized dividend and a yield of 5.0%. Prudential Financial’s payout ratio is presently 74.18%.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC lifted its holdings in Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 133 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Prudential Financial by 30.5% during the first quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock worth $1,976,000 after purchasing an additional 4,134 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Prudential Financial during the 2nd quarter worth about $230,000. Sound Income Strategies LLC raised its stake in Prudential Financial by 7.2% in the second quarter. Sound Income Strategies LLC now owns 37,940 shares of the financial services provider’s stock valued at $4,076,000 after buying an additional 2,532 shares in the last quarter. Finally, GC Wealth Management RIA LLC purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at about $222,000. Institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PRU shares. UBS Group increased their target price on shares of Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Barclays reduced their target price on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Keefe, Bruyette & Woods increased their price target on Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $120.78.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.