Federated Hermes Inc. Has $113.60 Million Stake in Prudential Financial, Inc. $PRU

Federated Hermes Inc. increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,095,031 shares of the financial services provider’s stock after purchasing an additional 7,526 shares during the period. Federated Hermes Inc. owned approximately 0.31% of Prudential Financial worth $113,599,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRU. Principle Wealth Partners LLC grew its holdings in shares of Prudential Financial by 3.5% during the third quarter. Principle Wealth Partners LLC now owns 43,796 shares of the financial services provider’s stock worth $4,543,000 after buying an additional 1,463 shares in the last quarter. AGH Wealth Advisors LLC bought a new position in shares of Prudential Financial during the 3rd quarter worth approximately $207,000. J. Safra Sarasin Holding AG lifted its position in shares of Prudential Financial by 315.3% in the third quarter. J. Safra Sarasin Holding AG now owns 12,082 shares of the financial services provider’s stock worth $1,253,000 after purchasing an additional 9,173 shares in the last quarter. Paragon Private Wealth Management LLC boosted its holdings in Prudential Financial by 14.7% during the third quarter. Paragon Private Wealth Management LLC now owns 2,489 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 319 shares during the last quarter. Finally, Bank of Jackson Hole Trust grew its position in Prudential Financial by 16.2% in the third quarter. Bank of Jackson Hole Trust now owns 4,112 shares of the financial services provider’s stock valued at $427,000 after purchasing an additional 574 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU stock opened at $107.72 on Thursday. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $123.88. The company has a market capitalization of $37.70 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.19 and a beta of 0.97. The company has a 50-day simple moving average of $112.57 and a 200 day simple moving average of $107.27. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16.

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

Prudential Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler increased their price objective 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. Wells Fargo & Company increased their price target on Prudential Financial from $113.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Morgan Stanley boosted their price target on Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 7th. Evercore ISI increased their price objective on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a report on Thursday, October 30th. Finally, Barclays decreased their target price on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $120.78.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Caroline Feeney sold 6,555 shares of the 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 transaction, the executive vice president owned 22,523 shares in the company, valued at $2,618,974.44. 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 at this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman directly owned 165,564 shares of the company’s stock, valued at approximately $17,779,917.96. The trade was a 22.54% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 62,719 shares of company stock valued at $6,796,067. Corporate insiders own 0.25% of the company’s stock.

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.