Ignite Planners LLC Acquires 6,349 Shares of Prudential Financial, Inc. $PRU

Ignite Planners LLC boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 263.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,757 shares of the financial services provider’s stock after purchasing an additional 6,349 shares during the period. Ignite Planners LLC’s holdings in Prudential Financial were worth $973,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Sunflower Bank N.A. grew its position in Prudential Financial by 3.2% in the fourth quarter. Sunflower Bank N.A. now owns 2,911 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 91 shares in the last quarter. Wetzel Investment Advisors Inc. grew its position in shares of Prudential Financial by 0.9% in the 4th quarter. Wetzel Investment Advisors Inc. now owns 10,022 shares of the financial services provider’s stock valued at $1,131,000 after acquiring an additional 94 shares during the period. CIBC Private Wealth Group LLC grew its position in shares of Prudential Financial by 0.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 28,795 shares of the financial services provider’s stock valued at $2,987,000 after acquiring an additional 97 shares during the period. Transcend Capital Advisors LLC grew its position in shares of Prudential Financial by 2.4% in the 4th quarter. Transcend Capital Advisors LLC now owns 4,175 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 98 shares during the period. Finally, Mindset Wealth Management LLC grew its position in shares of Prudential Financial by 2.1% in the 3rd quarter. Mindset Wealth Management LLC now owns 4,781 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 100 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

NYSE PRU opened at $104.12 on Friday. The firm has a 50-day moving average of $97.80 and a 200-day moving average of $104.58. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market cap of $36.13 billion, a PE ratio of 10.71, a P/E/G ratio of 1.90 and a beta of 0.86. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $119.76.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The company had revenue of $15.23 billion during the quarter, compared to analysts’ expectations of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same quarter last year, the company posted $3.29 EPS. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.8 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, May 26th. Prudential Financial’s dividend payout ratio (DPR) is currently 57.61%.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of Prudential Financial from $89.00 to $90.00 and gave the company an “underweight” rating in a research report on Wednesday, May 6th. Morgan Stanley reissued an “underweight” rating and issued a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. Piper Sandler lifted their price objective on shares of Prudential Financial from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Jefferies Financial Group downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating and decreased their price objective for the company from $124.00 to $98.00 in a research report on Wednesday, April 22nd. Finally, Mizuho lifted their price objective on shares of Prudential Financial from $96.00 to $101.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Nine investment analysts have rated the stock with a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $101.50.

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.