RNC Capital Management LLC Boosts Position in Prudential Financial, Inc. (NYSE:PRU)

RNC Capital Management LLC lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 3.3% during the 4th quarter, HoldingsChannel reports. The firm owned 2,990 shares of the financial services provider’s stock after acquiring an additional 95 shares during the period. RNC Capital Management LLC’s holdings in Prudential Financial were worth $354,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Grove Bank & Trust boosted its position in shares of Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in Prudential Financial by 1.2% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock worth $891,000 after acquiring an additional 89 shares in the last quarter. Asset Dedication LLC boosted its holdings in Prudential Financial by 28.4% in the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 93 shares in the last quarter. Daymark Wealth Partners LLC boosted its holdings in Prudential Financial by 3.9% in the third quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock worth $317,000 after acquiring an additional 97 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in Prudential Financial by 2.7% in the third quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 97 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRU. Wells Fargo & Company decreased their price target on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. TD Cowen boosted their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. BMO Capital Markets initiated coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target for the company. Bank of America upped their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, Piper Sandler reduced their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and a consensus target price of $125.77.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

Prudential Financial Stock Performance

Shares of PRU opened at $113.38 on Friday. The stock has a market cap of $40.36 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 1.12 and a beta of 1.31. 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 business has a 50-day simple moving average of $120.07 and a two-hundred day simple moving average of $120.42. Prudential Financial, Inc. has a 52 week low of $103.28 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. On average, analysts expect that Prudential Financial, Inc. will post 13.24 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be paid a dividend of $1.35 per share. The ex-dividend date is Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 4.76%. Prudential Financial’s dividend payout ratio is presently 46.22%.

About Prudential Financial

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.