2,308 Shares in Prudential Financial, Inc. (NYSE:PRU) Acquired by Meridian Wealth Management LLC

Meridian Wealth Management LLC acquired a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,308 shares of the financial services provider’s stock, valued at approximately $280,000.

A number of other institutional investors also recently modified their holdings of the stock. Banco Santander S.A. increased its stake in shares of Prudential Financial by 12.4% in the third quarter. Banco Santander S.A. now owns 5,313 shares of the financial services provider’s stock worth $643,000 after acquiring an additional 586 shares during the last quarter. Pacer Advisors Inc. increased its position in Prudential Financial by 133.8% in the 3rd quarter. Pacer Advisors Inc. now owns 60,713 shares of the financial services provider’s stock worth $7,352,000 after purchasing an additional 34,749 shares during the last quarter. Altman Advisors Inc. raised its stake in shares of Prudential Financial by 0.8% during the 3rd quarter. Altman Advisors Inc. now owns 15,993 shares of the financial services provider’s stock worth $1,937,000 after purchasing an additional 128 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in shares of Prudential Financial in the 3rd quarter valued at approximately $48,000. Finally, First Horizon Advisors Inc. increased its holdings in Prudential Financial by 4.3% in the third quarter. First Horizon Advisors Inc. now owns 162,685 shares of the financial services provider’s stock worth $19,701,000 after buying an additional 6,641 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 6.61 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Prudential Financial Trading Up 0.6 %

Shares of Prudential Financial stock opened at $128.72 on Tuesday. The company has a market cap of $45.82 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 1 year low of $94.92 and a 1 year high of $129.69. The company’s fifty day simple moving average is $123.52 and its 200-day simple moving average is $119.82. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the previous year, the firm posted $3.44 EPS. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is presently 46.22%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Piper Sandler increased their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Morgan Stanley reduced their price target on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Bank of America increased their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Barclays raised their price objective on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Eleven research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average target price of $125.69.

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.