Prudential Financial, Inc. (NYSE:PRU) Stock Position Cut by Perpetual Ltd

Perpetual Ltd lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 26.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,031 shares of the financial services provider’s stock after selling 2,129 shares during the period. Perpetual Ltd’s holdings in Prudential Financial were worth $730,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creekmur Asset Management LLC grew its position in Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares in the last quarter. Lynx Investment Advisory bought a new position in Prudential Financial in the 2nd quarter valued at about $29,000. Strategic Financial Concepts LLC grew its position in Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after buying an additional 25,027 shares in the last quarter. Crewe Advisors LLC bought a new position in Prudential Financial in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new position in Prudential Financial in the 1st quarter valued at about $34,000. Institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PRU. Morgan Stanley reduced their price objective on shares of 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. Citigroup raised their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Bank of America raised their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, UBS Group raised their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $123.69.

Prudential Financial Stock Performance

Shares of PRU opened at $123.72 on Friday. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The company has a 50-day moving average of $116.93 and a two-hundred day moving average of $117.14. The stock has a market cap of $44.42 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 0.97 and a beta of 1.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last announced its earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.04). The firm had revenue of $13.84 billion during the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. On average, equities research analysts expect that Prudential Financial, Inc. will post 13.28 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the transaction, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by 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.