SVB Wealth LLC Purchases 293 Shares of Prudential Financial, Inc. (NYSE:PRU)

SVB Wealth LLC increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,233 shares of the financial services provider’s stock after buying an additional 293 shares during the period. SVB Wealth LLC’s holdings in Prudential Financial were worth $1,683,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PRU. Sanctuary Wealth Management L.L.C. bought a new position in Prudential Financial in the fourth quarter valued at approximately $25,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $26,000. Headinvest LLC acquired a new stake in shares of Prudential Financial in the third quarter valued at approximately $27,000. Fairfield Bush & CO. acquired a new stake in shares of Prudential Financial in the first quarter valued at approximately $36,000. Finally, Arlington Trust Co LLC lifted its position in shares of Prudential Financial by 151.6% in the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock valued at $32,000 after buying an additional 185 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Robert Axel sold 6,436 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total transaction of $719,930.96. Following the sale, the senior vice president now owns 7,901 shares in the company, valued at approximately $883,805.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Prudential Financial news, SVP Robert Axel sold 6,436 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total value of $719,930.96. Following the sale, the senior vice president now owns 7,901 shares in the company, valued at approximately $883,805.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Timothy L. Schmidt sold 7,912 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the sale, the senior vice president now owns 14,754 shares in the company, valued at approximately $1,595,350.02. The disclosure for this sale can be found here. Insiders have sold 29,255 shares of company stock worth $3,215,664 in the last 90 days. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Raymond James cut Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, February 9th. Piper Sandler raised their price objective on Prudential Financial from $114.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. TheStreet raised Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday, February 6th. UBS Group lifted their price target on Prudential Financial from $108.00 to $112.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Finally, Keefe, Bruyette & Woods lifted their price target on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $111.33.

Prudential Financial Trading Up 1.3 %

Shares of PRU opened at $108.70 on Friday. Prudential Financial, Inc. has a 52-week low of $77.22 and a 52-week high of $118.69. The business’s fifty day moving average is $111.20 and its 200-day moving average is $102.94. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market cap of $39.02 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 0.73 and a beta of 1.37.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.09). The business had revenue of $13.02 billion during the quarter, compared to the consensus estimate of $12.99 billion. Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.42 EPS. Equities analysts anticipate that Prudential Financial, Inc. will post 13.38 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $5.20 dividend on an annualized basis and a yield of 4.78%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s payout ratio is currently 77.73%.

About Prudential Financial

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 Life, and International Businesses segments.