Hobbs Group Advisors LLC Makes New Investment in Prudential Financial, Inc. (NYSE:PRU)

Hobbs Group Advisors LLC purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 327 shares of the financial services provider’s stock, valued at approximately $38,000.

Several other institutional investors have also modified their holdings of PRU. Vanguard Group Inc. boosted its stake in Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after purchasing an additional 5,154,865 shares in the last quarter. Norges Bank acquired a new stake in Prudential Financial during the 4th quarter worth about $113,478,000. Dimensional Fund Advisors LP grew its position in Prudential Financial by 10.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares in the last quarter. Swedbank AB acquired a new position in shares of Prudential Financial in the first quarter worth $35,855,000. Finally, abrdn plc raised its stake in shares of Prudential Financial by 37.5% during the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after purchasing an additional 302,164 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.31% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PRU has been the topic of a number of recent research reports. UBS Group raised their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Evercore ISI upped their price target on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Jefferies Financial Group decreased their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Morgan Stanley decreased their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Citigroup boosted their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $119.33.

Prudential Financial Trading Up 0.2 %

Shares of NYSE:PRU traded up $0.24 during trading on Wednesday, reaching $113.50. 239,879 shares of the company traded hands, compared to its average volume of 1,506,089. The firm has a market capitalization of $40.75 billion, a price-to-earnings ratio of 19.30, a P/E/G ratio of 0.86 and a beta of 1.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The business’s fifty day moving average is $117.70 and its 200-day moving average is $114.69. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.58%. Prudential Financial’s dividend payout ratio is currently 88.44%.

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.