Allstate Corp Takes $1.38 Million Position in Prudential Financial, Inc. $PRU

Allstate Corp acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,318 shares of the financial services provider’s stock, valued at approximately $1,382,000.

Other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in Prudential Financial during the 2nd quarter worth approximately $36,000. AlphaCore Capital LLC bought a new stake in Prudential Financial during the second quarter valued at $39,000. Capital A Wealth Management LLC grew its holdings in Prudential Financial by 4,600.0% during the 2nd quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 368 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Prudential Financial in the 2nd quarter worth about $51,000. Finally, Crews Bank & Trust lifted its stake in shares of Prudential Financial by 36.4% in the 2nd quarter. Crews Bank & Trust now owns 547 shares of the financial services provider’s stock valued at $59,000 after purchasing an additional 146 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Stock Down 3.0%

Shares of NYSE:PRU opened at $108.31 on Wednesday. The stock has a market cap of $37.91 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 0.95 and a beta of 0.97. The business’s 50 day moving average is $112.22 and its 200 day moving average is $107.20. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $123.88. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.54. The firm had revenue of $17.89 billion for the quarter, compared to the consensus estimate of $13.77 billion. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. During the same period in the previous year, the firm earned $3.48 EPS. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s dividend payout ratio is presently 74.18%.

Analysts Set New Price Targets

Several research firms recently commented on PRU. UBS Group raised their target price on Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Mizuho initiated coverage on shares of Prudential Financial in a research report on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price objective for the company. Piper Sandler boosted their target price on shares of Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, December 23rd. Evercore ISI raised their price target on shares of Prudential Financial from $120.00 to $122.00 and gave the stock an “in-line” rating in a report on Thursday, October 30th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a research report on Monday, November 3rd. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $118.80.

Insiders Place Their Bets

In other Prudential Financial news, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the transaction, the chairman owned 165,564 shares of the company’s stock, valued at $17,779,917.96. This trade represents a 22.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Caroline Feeney sold 6,555 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $116.28, for a total value of $762,215.40. Following the completion of the transaction, the executive vice president directly owned 22,523 shares of the company’s stock, valued at approximately $2,618,974.44. This represents a 22.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 62,719 shares of company stock valued at $6,796,067 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.