Corebridge Financial Inc. Reduces Holdings in Prudential Financial, Inc. (NYSE:PRU)

Corebridge Financial Inc. reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,319 shares of the financial services provider’s stock after selling 4,339 shares during the period. Corebridge Financial Inc.’s holdings in Prudential Financial were worth $9,994,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Congress Wealth Management LLC DE raised its position in shares of Prudential Financial by 49.6% in the 4th quarter. Congress Wealth Management LLC DE now owns 3,242 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 1,075 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in Prudential Financial in the fourth quarter worth $86,000. Vanguard Group Inc. lifted its position in Prudential Financial by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider’s stock valued at $4,960,547,000 after buying an additional 220,671 shares during the period. Stevens Capital Management LP bought a new stake in shares of Prudential Financial during the 4th quarter valued at $319,000. Finally, Guardian Partners Inc. purchased a new stake in shares of Prudential Financial in the 4th quarter worth about $252,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 on Wednesday, March 12th. The shares were acquired at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the transaction, the insider now owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Prudential Financial Price Performance

PRU opened at $115.62 on Thursday. The company’s 50-day simple moving average is $113.35 and its two-hundred day simple moving average is $118.98. Prudential Financial, Inc. has a 52-week low of $104.45 and a 52-week high of $130.55. The stock has a market capitalization of $41.39 billion, a P/E ratio of 15.48, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last issued its earnings results 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 return on equity of 15.86% and a net margin of 4.01%. As a group, analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is 72.29%.

Analyst Upgrades and Downgrades

PRU has been the topic of several research reports. Piper Sandler dropped 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. Jefferies Financial Group boosted their price target on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Morgan Stanley dropped their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, Barclays raised their price target on Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and an average price target of $126.15.

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.