Wealthfront Advisers LLC Lowers Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Wealthfront Advisers LLC lessened its holdings in Prudential Financial, Inc. (NYSE:PRU) by 84.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,026 shares of the financial services provider’s stock after selling 65,857 shares during the period. Wealthfront Advisers LLC’s holdings in Prudential Financial were worth $1,425,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Miller Financial Services LLC purchased a new stake in Prudential Financial during the fourth quarter valued at approximately $229,000. King Luther Capital Management Corp lifted its position in Prudential Financial by 4.0% during the fourth quarter. King Luther Capital Management Corp now owns 14,158 shares of the financial services provider’s stock valued at $1,678,000 after acquiring an additional 549 shares during the last quarter. Independent Advisor Alliance increased its stake in Prudential Financial by 9.8% during the 4th quarter. Independent Advisor Alliance now owns 18,108 shares of the financial services provider’s stock valued at $2,146,000 after purchasing an additional 1,617 shares in the last quarter. Johnson Investment Counsel Inc. increased its stake in Prudential Financial by 2.7% during the 4th quarter. Johnson Investment Counsel Inc. now owns 7,640 shares of the financial services provider’s stock valued at $906,000 after purchasing an additional 201 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Prudential Financial by 6.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 46,915 shares of the financial services provider’s stock valued at $5,561,000 after purchasing an additional 2,772 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the purchase, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PRU shares. Barclays upped their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Piper Sandler cut their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. TD Cowen increased their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. Morgan Stanley cut 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 research note on Friday, February 28th. Finally, Jefferies Financial Group increased their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Stock Performance

PRU opened at $108.64 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The company has a market cap of $38.89 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 52-week low of $104.45 and a 52-week high of $130.55. The firm’s fifty day simple moving average is $114.31 and its two-hundred day simple moving average is $119.38.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) 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%. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.97%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

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.