Avantax Advisory Services Inc. Grows Stake in Prudential Financial, Inc. (NYSE:PRU)

Avantax Advisory Services Inc. raised its stake in Prudential Financial, Inc. (NYSE:PRU) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,339 shares of the financial services provider’s stock after purchasing an additional 1,346 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Prudential Financial were worth $2,411,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PRU. Nordea Investment Management AB raised its position in Prudential Financial by 176.8% in the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock valued at $123,804,000 after purchasing an additional 665,180 shares during the period. Raymond James Financial Inc. purchased a new position in Prudential Financial in the fourth quarter valued at about $76,303,000. Amundi raised its position in Prudential Financial by 32.7% in the fourth quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock valued at $181,851,000 after purchasing an additional 378,266 shares during the period. FMR LLC raised its position in Prudential Financial by 31.3% in the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock valued at $174,903,000 after purchasing an additional 344,254 shares during the period. Finally, Geode Capital Management LLC raised its position in Prudential Financial by 4.1% in the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after purchasing an additional 341,787 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the transaction, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Barclays lifted their target price on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods dropped their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. TD Cowen lifted their target price on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Finally, Jefferies Financial Group lifted their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $126.15.

Prudential Financial Stock Performance

Shares of PRU stock opened at $108.64 on Monday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The business has a 50 day moving average of $114.31 and a two-hundred day moving average of $119.39. Prudential Financial, Inc. has a 52 week low of $104.45 and a 52 week high of $130.55. The company has a market cap of $38.89 billion, a P/E ratio of 14.54, a PEG ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 4.97%. Prudential Financial’s payout ratio is currently 72.29%.

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.