Algebris UK Ltd. Makes New $36.30 Million Investment in Prudential Financial, Inc. $PRU

Algebris UK Ltd. acquired a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 350,159 shares of the financial services provider’s stock, valued at approximately $36,298,000. Prudential Financial comprises about 4.1% of Algebris UK Ltd.’s portfolio, making the stock its 6th largest position. Algebris UK Ltd. owned about 0.10% of Prudential Financial at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in Prudential Financial during the 2nd quarter worth about $122,778,000. Vanguard Group Inc. lifted its holdings in shares of Prudential Financial by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock valued at $4,566,432,000 after buying an additional 600,482 shares during the period. Nordea Investment Management AB boosted its stake in shares of Prudential Financial by 49.2% in the second quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider’s stock worth $184,192,000 after buying an additional 567,571 shares during the last quarter. Marshall Wace LLP acquired a new stake in Prudential Financial during the second quarter worth about $40,552,000. Finally, Canada Pension Plan Investment Board raised its position in Prudential Financial by 209.2% during the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock valued at $55,871,000 after acquiring an additional 351,849 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays dropped their price objective on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Mizuho assumed coverage on shares of Prudential Financial in a report on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Keefe, Bruyette & Woods upped 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. Finally, Piper Sandler increased their target price on shares of Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 23rd. One research analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $120.78.

Insider Activity

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

Prudential Financial Stock Performance

PRU opened at $107.60 on Monday. The firm’s fifty day simple moving average is $112.29 and its two-hundred day simple moving average is $107.24. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $123.88. The company has a market cap of $37.66 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 0.92 and a beta of 0.97. 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 released its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share for the quarter, topping the consensus estimate of $3.72 by $0.54. The firm had revenue of $17.89 billion during 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 quarter in the prior year, the firm earned $3.48 EPS. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

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

Prudential Financial Company 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.