Associated Banc Corp Has $5.83 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Associated Banc Corp lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 7.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,152 shares of the financial services provider’s stock after selling 3,987 shares during the period. Associated Banc Corp’s holdings in Prudential Financial were worth $5,826,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. HMV Wealth Advisors LLC acquired a new position in shares of Prudential Financial during the 4th quarter valued at $315,000. Intact Investment Management Inc. acquired a new position in shares of Prudential Financial during the 4th quarter valued at $71,000. Atala Financial Inc acquired a new position in shares of Prudential Financial during the 4th quarter valued at $247,000. LBP AM SA raised its holdings in Prudential Financial by 17.4% during the fourth quarter. LBP AM SA now owns 137,716 shares of the financial services provider’s stock worth $16,323,000 after buying an additional 20,396 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC raised its holdings in Prudential Financial by 7.7% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 8,412 shares of the financial services provider’s stock worth $997,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Price Performance

PRU opened at $108.64 on Friday. The firm has a market cap of $38.89 billion, a P/E ratio of 14.54, a PEG ratio of 0.98 and a beta of 1.28. The firm has a 50-day moving average of $114.31 and a 200 day moving average of $119.37. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a fifty-two week low of $104.45 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 4.97%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is presently 72.29%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 19th. Morgan Stanley lowered their price objective on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Jefferies Financial Group upped their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Piper Sandler lowered their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Barclays upped their target price on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average price target of $126.15.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the transaction, the insider now directly owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. This represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.