Confluence Wealth Services Inc. Takes Position in Prudential Financial, Inc. (NYSE:PRU)

Confluence Wealth Services Inc. purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,374 shares of the financial services provider’s stock, valued at approximately $278,000.

Several other hedge funds have also recently bought and sold shares of PRU. Vanguard Group Inc. lifted its position in shares of Prudential Financial by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares in the last quarter. Norges Bank acquired a new position in shares of Prudential Financial in the fourth quarter worth $113,478,000. Dimensional Fund Advisors LP grew its stake in Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares in the last quarter. Swedbank AB acquired a new position in Prudential Financial in the 1st quarter worth about $35,855,000. Finally, Schroder Investment Management Group raised its stake in shares of Prudential Financial by 387.6% during the 4th quarter. Schroder Investment Management Group now owns 332,421 shares of the financial services provider’s stock worth $34,475,000 after purchasing an additional 264,247 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Up 1.1 %

PRU opened at $121.16 on Monday. The business has a 50 day moving average of $118.10 and a 200-day moving average of $115.35. The stock has a market capitalization of $43.50 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 0.94 and a beta of 1.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be given a $1.30 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.29%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the purchase, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on PRU. Jefferies Financial Group dropped their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Piper Sandler lowered their target price on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Finally, Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $119.33.

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.