Huntington National Bank Grows Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Huntington National Bank boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 143,088 shares of the financial services provider’s stock after acquiring an additional 893 shares during the period. Huntington National Bank’s holdings in Prudential Financial were worth $17,328,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sei Investments Co. increased its position in Prudential Financial by 12.9% during the 1st quarter. Sei Investments Co. now owns 57,853 shares of the financial services provider’s stock worth $6,791,000 after purchasing an additional 6,609 shares in the last quarter. SageView Advisory Group LLC grew its holdings in shares of Prudential Financial by 51.9% during the first quarter. SageView Advisory Group LLC now owns 4,464 shares of the financial services provider’s stock worth $524,000 after buying an additional 1,525 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of Prudential Financial by 19.3% in the first quarter. Kingsview Wealth Management LLC now owns 6,910 shares of the financial services provider’s stock valued at $811,000 after buying an additional 1,116 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in Prudential Financial by 4.0% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 5,910 shares of the financial services provider’s stock worth $694,000 after acquiring an additional 230 shares during the last quarter. Finally, Nwam LLC purchased a new stake in Prudential Financial in the 1st quarter worth approximately $209,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRU. Piper Sandler increased their price target on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. TD Cowen started coverage on Prudential Financial in a research note on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target on the stock. Barclays upped their price objective on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Morgan Stanley decreased their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $125.69.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This trade represents a 6.61 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. This represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Stock Up 0.4 %

Shares of Prudential Financial stock opened at $125.75 on Friday. Prudential Financial, Inc. has a twelve month low of $93.32 and a twelve month high of $129.13. The stock has a market cap of $44.77 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $121.76 and a 200 day moving average price of $119.06.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter in the prior year, the business earned $3.44 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.14%. Prudential Financial’s payout ratio is currently 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.