Arvest Investments Inc. Sells 2,025 Shares of Prudential Financial, Inc. (NYSE:PRU)

Arvest Investments Inc. lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 12.1% during the 3rd quarter, Holdings Channel reports. The fund owned 14,726 shares of the financial services provider’s stock after selling 2,025 shares during the period. Arvest Investments Inc.’s holdings in Prudential Financial were worth $1,783,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Creekmur Asset Management LLC raised its holdings in Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory purchased a new position in Prudential Financial during the second quarter worth 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 worth $32,000 after purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new position in shares of Prudential Financial during the 1st quarter worth approximately $34,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Price Performance

NYSE:PRU traded down $1.99 during mid-day trading on Friday, hitting $121.89. 2,012,036 shares of the stock traded hands, compared to its average volume of 1,498,765. Prudential Financial, Inc. has a 12-month low of $90.56 and a 12-month high of $129.13. 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 company has a market cap of $43.39 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The business’s 50-day moving average price is $121.48 and its 200 day moving average price is $118.77.

Prudential Financial (NYSE:PRU) last released its quarterly 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. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. During the same quarter in the prior year, the firm posted $3.44 earnings per share. On average, analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be paid a $1.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a yield of 4.27%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. TD Cowen initiated coverage on Prudential Financial in a research report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price target for the company. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. Piper Sandler raised their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, UBS Group lifted their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $123.85.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the stock in a transaction on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, for a total transaction 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 approximately $116,071,781.42. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction 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 directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Profile

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.