Prudential Financial, Inc. (NYSE:PRU) Declares $1.30 Quarterly Dividend

Prudential Financial, Inc. (NYSE:PRU) declared a quarterly dividend on Tuesday, August 6th, RTT News reports. Shareholders of record on Tuesday, August 20th will be given a dividend of 1.30 per share by the financial services provider on Thursday, September 12th. This represents a $5.20 annualized dividend and a yield of 4.86%.

Prudential Financial has increased its dividend payment by an average of 4.4% annually over the last three years and has increased its dividend every year for the last 16 years. Prudential Financial has a dividend payout ratio of 35.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Prudential Financial to earn $14.51 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 35.8%.

Prudential Financial Stock Up 1.4 %

NYSE:PRU opened at $107.03 on Wednesday. Prudential Financial has a one year low of $87.95 and a one year high of $128.52. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $38.42 billion, a PE ratio of 18.20, a P/E/G ratio of 0.86 and a beta of 1.34. The firm’s 50 day simple moving average is $119.03 and its 200 day simple moving average is $114.25.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PRU shares. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Citigroup boosted their price target on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Piper Sandler dropped their price target on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Keefe, Bruyette & Woods boosted their price target on shares of Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a research report on Monday, July 8th. Finally, Morgan Stanley boosted their price target on shares of Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $118.25.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now owns 3,883,390 shares in the company, valued at $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now owns 3,883,390 shares in the company, valued at $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Falzon sold 130,092 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

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.