Treasurer of the State of North Carolina Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Treasurer of the State of North Carolina raised its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,084 shares of the financial services provider’s stock after buying an additional 990 shares during the period. Treasurer of the State of North Carolina’s holdings in Prudential Financial were worth $18,738,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Grove Bank & Trust grew its position in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial in the fourth quarter worth about $29,000. CGC Financial Services LLC increased its stake in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after buying an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new stake in Prudential Financial in the 4th quarter valued at about $33,000. Finally, Hopwood Financial Services Inc. bought a new position in Prudential Financial in the 4th quarter worth about $34,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 0.2 %

NYSE PRU opened at $98.70 on Friday. The firm has a market cap of $34.98 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. 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 company has a 50 day moving average price of $108.98 and a 200 day moving average price of $117.58.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate 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, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.47%. Prudential Financial’s payout ratio is presently 72.29%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at $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. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target for the company. Barclays lowered their target price on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday. Keefe, Bruyette & Woods cut their price target on Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a research note on Wednesday. Wells Fargo & Company lowered their price objective on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $122.77.

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.