Gateway Investment Advisers LLC Acquires 7,907 Shares of Prudential Financial, Inc. (NYSE:PRU)

Gateway Investment Advisers LLC raised its holdings in Prudential Financial, Inc. (NYSE:PRU) by 56.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,998 shares of the financial services provider’s stock after purchasing an additional 7,907 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Prudential Financial were worth $2,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRU. State Street Corp raised its stake in Prudential Financial by 0.3% in the 3rd quarter. State Street Corp now owns 17,007,013 shares of the financial services provider’s stock valued at $2,059,549,000 after acquiring an additional 49,830 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 worth $1,047,872,000 after purchasing an additional 341,787 shares in the last quarter. Legal & General Group Plc raised its position in shares of Prudential Financial by 9.4% in the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after purchasing an additional 305,143 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Prudential Financial by 1.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock valued at $370,327,000 after buying an additional 47,561 shares in the last quarter. Finally, FMR LLC boosted its holdings in Prudential Financial by 31.3% in the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after buying an additional 344,254 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 0.5 %

Shares of PRU stock opened at $118.98 on Friday. The firm has a market cap of $42.36 billion, a P/E ratio of 10.58, a price-to-earnings-growth ratio of 0.75 and a beta of 1.31. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12-month low of $100.60 and a 12-month high of $130.55. The business has a 50-day moving average price of $122.12 and a two-hundred day moving average price of $120.65.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results 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 return on equity of 15.30% and a net margin of 6.03%. The business had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. During the same period last year, the company earned $3.44 EPS. Equities analysts anticipate that Prudential Financial, Inc. will post 13.34 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is currently 46.22%.

Analyst Ratings Changes

PRU has been the topic of several recent research reports. TD Cowen increased 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. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and increased their price objective for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Keefe, Bruyette & Woods reduced their target price on Prudential Financial from $135.00 to $129.00 and set a “market perform” rating for the company in a report on Thursday. Wells Fargo & Company lowered their price target on shares of Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group upped their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Eleven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $127.25.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the purchase, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

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.