Tyche Wealth Partners LLC Acquires New Position in Prudential Financial, Inc. (NYSE:PRU)

Tyche Wealth Partners LLC bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 7,863 shares of the financial services provider’s stock, valued at approximately $815,000.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Prudential Financial by 2.9% during the third quarter. FMR LLC now owns 1,315,215 shares of the financial services provider’s stock worth $124,801,000 after buying an additional 36,599 shares in the last quarter. Czech National Bank grew its holdings in shares of Prudential Financial by 46.8% during the third quarter. Czech National Bank now owns 63,444 shares of the financial services provider’s stock worth $6,020,000 after buying an additional 20,235 shares in the last quarter. Arvest Investments Inc. purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $2,112,000. Victory Capital Management Inc. grew its holdings in shares of Prudential Financial by 14.5% during the third quarter. Victory Capital Management Inc. now owns 268,728 shares of the financial services provider’s stock worth $25,500,000 after buying an additional 34,054 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in shares of Prudential Financial by 17.2% during the fourth quarter. AustralianSuper Pty Ltd now owns 868,535 shares of the financial services provider’s stock worth $90,076,000 after buying an additional 127,772 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PRU shares. Piper Sandler boosted their target price on shares of Prudential Financial from $114.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Morgan Stanley boosted their target price on shares of Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday. Keefe, Bruyette & Woods boosted their target price on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a report on Tuesday, February 6th. Finally, Raymond James downgraded shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, February 9th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $111.33.

Prudential Financial Stock Down 0.7 %

PRU traded down $0.78 during midday trading on Tuesday, hitting $107.59. 1,216,324 shares of the company’s stock traded hands, compared to its average volume of 1,532,871. The company has a market cap of $38.62 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The stock’s fifty day simple moving average is $111.15 and its 200-day simple moving average is $102.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a one year low of $77.22 and a one year high of $118.69.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The firm had revenue of $13.02 billion during the quarter, compared to the consensus estimate of $12.99 billion. During the same period in the prior year, the business earned $2.42 EPS. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 13.4 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were paid a $1.30 dividend. This is an increase from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date was Friday, February 16th. This represents a $5.20 annualized dividend and a dividend yield of 4.83%. Prudential Financial’s dividend payout ratio (DPR) is presently 77.73%.

Insider Transactions at Prudential Financial

In other news, SVP Robert Axel sold 6,436 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total transaction of $719,930.96. Following the sale, the senior vice president now owns 7,901 shares in the company, valued at approximately $883,805.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Prudential Financial news, EVP Andrew F. Sullivan sold 7,685 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total transaction of $857,415.45. Following the transaction, the executive vice president now owns 13,691 shares in the company, valued at approximately $1,527,504.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Axel sold 6,436 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total value of $719,930.96. Following the sale, the senior vice president now directly owns 7,901 shares in the company, valued at $883,805.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,255 shares of company stock worth $3,215,664. Insiders own 0.34% of the company’s stock.

Prudential Financial Company Profile

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.