Arkadios Wealth Advisors has elevated its investment in Prudential Financial, Inc. (NYSE: PRU) by 5.3% during the second quarter of 2023. This increase follows the firm’s recent filing with the Securities and Exchange Commission, revealing that Arkadios now holds a total of 14,503 shares of the financial services company after acquiring an additional 730 shares. At the end of the last quarter, these holdings were valued at approximately $1.56 million.
A number of other institutional investors have also adjusted their positions in Prudential Financial recently. Meeder Asset Management Inc. significantly increased its stake by 90.2% in the first quarter, owning 234 shares valued at $26,000 after buying an additional 111 shares. Similarly, AlphaQuest LLC raised its stake by an astonishing 12,250.0%, now holding 247 shares worth $28,000 after acquiring 245 shares.
North Capital Inc. and Cheviot Value Management LLC have both established new positions in Prudential Financial, each valued at approximately $28,000 and $26,000, respectively. Clearstead Trust LLC also increased its holdings by 350.8% in the first quarter, now owning 266 shares valued at $30,000. Currently, institutional investors hold approximately 56.83% of Prudential Financial’s stock.
In related news, on August 29, 2023, Executive Vice President Ann M. Kappler sold 4,000 shares of the company at an average price of $109.65, totaling $438,600. Following this transaction, Kappler’s remaining shares are valued at about $2.36 million, marking a 15.68% reduction in her holdings. This transaction was disclosed in a legal filing with the SEC.
Performance and Dividends
Prudential Financial reported its quarterly earnings on January 15, 2023, revealing earnings per share of $3.58. The company achieved a return on equity of 16.98% with a net margin of 4.65% and reported revenue of $8.35 billion for the quarter. Analysts forecast that Prudential will post earnings per share of $14.36 for the current fiscal year.
The financial services provider also announced a quarterly dividend of $1.35 per share, which was paid on September 11, 2023. This dividend reflects an annualized payout of $5.40, resulting in a dividend yield of 5.2%. The company’s payout ratio currently stands at 119.73%.
Analyst Ratings and Future Outlook
Prudential Financial has garnered attention from several analysts, leading to a variety of ratings. Wells Fargo & Company revised its price target from $116.00 to $113.00, maintaining an “equal weight” rating. Conversely, JPMorgan Chase & Co. raised their target price from $126.00 to $136.00, assigning a “neutral” rating in their recent report.
MarketBeat data indicates that one analyst has rated Prudential Financial as a Buy, while eleven have assigned a Hold rating and one has given a Sell rating. The consensus rating is currently a Hold, with an average target price of $120.64.
Prudential Financial, Inc. operates through various segments including PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses, providing a broad array of financial products and services both domestically and internationally.
