Cornerstone Wealth Management LLC Purchases 99 Shares of Prudential Financial, Inc. (NYSE:PRU)

Cornerstone Wealth Management LLC grew its position in Prudential Financial, Inc. (NYSE:PRU) by 2.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,784 shares of the financial services provider’s stock after buying an additional 99 shares during the period. Cornerstone Wealth Management LLC’s holdings in Prudential Financial were worth $449,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Glenmede Trust Co. NA grew its holdings in Prudential Financial by 7.4% in the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock worth $2,176,000 after purchasing an additional 1,234 shares during the last quarter. Avanza Fonder AB purchased a new position in Prudential Financial during the 4th quarter worth $3,423,000. Gateway Investment Advisers LLC increased its position in Prudential Financial by 56.1% during the 4th quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after buying an additional 7,907 shares in the last quarter. Principal Financial Group Inc. raised its stake in Prudential Financial by 3.9% in the third quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after buying an additional 15,695 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Prudential Financial by 2.3% in the third quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock worth $9,597,000 after acquiring an additional 1,765 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

NYSE:PRU opened at $117.22 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The company has a 50 day moving average price of $121.29 and a 200-day moving average price of $120.66. Prudential Financial, Inc. has a 1-year low of $100.60 and a 1-year high of $130.55. The firm has a market cap of $41.73 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 1.09 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The business had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the prior year, the firm posted $3.44 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 13.24 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Analyst Ratings Changes

PRU has been the topic of several recent analyst reports. BMO Capital Markets assumed coverage on shares of Prudential Financial in a report on Thursday. They set an “underperform” rating and a $101.00 price objective on the stock. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their price target for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Barclays boosted their price objective on shares of Prudential Financial from $127.00 to $128.00 and gave the company an “equal weight” rating in a report on Thursday. Piper Sandler reduced their target price on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods dropped their price target on Prudential Financial from $135.00 to $129.00 and set a “market perform” rating on the stock in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and a consensus target price of $125.31.

Prudential Financial Profile

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.