Illinois Municipal Retirement Fund Raises Position in Prudential Financial, Inc. (NYSE:PRU)

Illinois Municipal Retirement Fund raised its holdings in Prudential Financial, Inc. (NYSE:PRU) by 69.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 167,360 shares of the financial services provider’s stock after buying an additional 68,705 shares during the period. Illinois Municipal Retirement Fund’s holdings in Prudential Financial were worth $19,837,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its position in shares of Prudential Financial by 176.8% during the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after purchasing an additional 665,180 shares during the last quarter. FMR LLC lifted its position in shares of Prudential Financial by 31.3% during the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after purchasing an additional 344,254 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Prudential Financial by 4.1% during the 3rd 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 during the last quarter. Capital Advisors Inc. OK purchased a new stake in shares of Prudential Financial during the 3rd quarter worth $30,226,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Prudential Financial by 241.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 214,456 shares of the financial services provider’s stock worth $25,971,000 after purchasing an additional 151,710 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Up 0.9 %

PRU stock opened at $110.54 on Tuesday. The company’s 50 day simple moving average is $116.67 and its 200-day simple moving average is $119.81. The firm has a market capitalization of $39.57 billion, a PE ratio of 14.80, a P/E/G ratio of 0.98 and a beta of 1.31. Prudential Financial, Inc. has a 12 month low of $104.44 and a 12 month high of $130.55. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

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

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend is Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 72.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PRU shares. TD Cowen lifted their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Jefferies Financial Group upped their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. BMO Capital Markets assumed coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. Wells Fargo & Company upped their target price on shares of Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Finally, Piper Sandler lowered their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $125.69.

Prudential Financial Company 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.