Retirement Systems of Alabama Has $9.44 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Retirement Systems of Alabama decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 77,962 shares of the financial services provider’s stock after selling 1,230 shares during the period. Retirement Systems of Alabama’s holdings in Prudential Financial were worth $9,441,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Pallas Capital Advisors LLC bought a new position in Prudential Financial during the second quarter worth about $254,000. Hobbs Group Advisors LLC acquired a new position in shares of Prudential Financial in the 2nd quarter worth approximately $38,000. MFA Wealth Advisors LLC bought a new position in shares of Prudential Financial during the 2nd quarter worth approximately $45,000. Fifth Third Wealth Advisors LLC acquired a new stake in Prudential Financial in the 2nd quarter valued at $432,000. Finally, NewSquare Capital LLC grew its position in Prudential Financial by 4.9% in the second quarter. NewSquare Capital LLC now owns 80,554 shares of the financial services provider’s stock valued at $9,327,000 after acquiring an additional 3,753 shares during the period. 56.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on PRU. Piper Sandler boosted their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen lifted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Barclays increased their price target on Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley cut their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $126.33.

Prudential Financial Price Performance

Shares of PRU stock opened at $120.61 on Tuesday. The firm has a market cap of $42.94 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.87 and a beta of 1.29. Prudential Financial, Inc. has a 12 month low of $100.60 and a 12 month high of $130.55. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $124.99 and a 200 day moving average price of $120.50.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same quarter in the previous year, the company earned $3.44 EPS. Research analysts expect that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were given a $1.30 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.31%. Prudential Financial’s dividend payout ratio is currently 46.22%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This represents a 6.61 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by insiders.

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.