Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 11.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,491 shares of the financial services provider’s stock after selling 2,185 shares during the quarter. Independent Advisor Alliance’s holdings in Prudential Financial were worth $1,997,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC raised its stake 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 purchasing an additional 108 shares during the last quarter. Lynx Investment Advisory purchased a new stake in Prudential Financial in the 2nd quarter valued at $29,000. Ashton Thomas Securities LLC purchased a new stake in Prudential Financial in the 3rd quarter valued at $31,000. Strategic Financial Concepts LLC grew its holdings 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. Finally, Bank & Trust Co purchased a new stake in Prudential Financial in the 2nd quarter valued at $37,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $128.72 on Tuesday. The business has a 50-day moving average of $123.52 and a 200 day moving average of $119.82. Prudential Financial, Inc. has a 12 month low of $94.92 and a 12 month high of $129.69. The stock has a market capitalization of $45.82 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The company had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same period last year, the business posted $3.44 EPS. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is presently 46.22%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. TD Cowen assumed coverage on Prudential Financial in a report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 target price for the company. Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Piper Sandler increased their price target on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Evercore ISI upgraded Prudential Financial from an “underperform” rating to an “inline” rating and increased their price target for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $125.69.

Insider Activity

In other news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was bought at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.34% 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.