Pinnacle Financial Partners Inc Sells 159 Shares of Prudential Financial, Inc. (NYSE:PRU)

Pinnacle Financial Partners Inc trimmed its position in Prudential Financial, Inc. (NYSE:PRU) by 4.9% in the third quarter, Holdings Channel reports. The fund owned 3,090 shares of the financial services provider’s stock after selling 159 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Prudential Financial were worth $374,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRU. MQS Management LLC acquired a new stake in shares of Prudential Financial during the third quarter valued at about $548,000. Community Bank & Trust Waco Texas raised its holdings in Prudential Financial by 19.3% in the 3rd quarter. Community Bank & Trust Waco Texas now owns 45,860 shares of the financial services provider’s stock valued at $5,554,000 after buying an additional 7,423 shares during the last quarter. Aptus Capital Advisors LLC boosted its position in Prudential Financial by 5.2% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,527 shares of the financial services provider’s stock worth $669,000 after buying an additional 275 shares during the period. Commonwealth Retirement Investments LLC grew its holdings in Prudential Financial by 2.6% during the 3rd quarter. Commonwealth Retirement Investments LLC now owns 14,151 shares of the financial services provider’s stock worth $1,714,000 after acquiring an additional 353 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Prudential Financial by 0.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 797,604 shares of the financial services provider’s stock valued at $96,590,000 after acquiring an additional 3,000 shares during the period. Institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was 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 trade represents a 9.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

Shares of PRU opened at $125.75 on Friday. The stock has a market cap of $44.77 billion, a P/E ratio of 11.18, a P/E/G ratio of 0.89 and a beta of 1.29. The business’s fifty day moving average is $121.76 and its 200 day moving average is $119.06. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12-month low of $93.32 and a 12-month high of $129.13.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $14.57 billion. During the same period last year, the company earned $3.44 earnings per share. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

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 4.14%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PRU. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. TD Cowen assumed coverage on Prudential Financial in a research note on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target for the company. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their price target for the stock from $117.00 to $140.00 in a report on Thursday. Citigroup lifted their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company lifted their price objective on Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.69.

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.