Prudential Financial, Inc. (NYSE:PRU) Stake Reduced by Strategy Asset Managers LLC

Strategy Asset Managers LLC decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 8.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,425 shares of the financial services provider’s stock after selling 430 shares during the quarter. Strategy Asset Managers LLC’s holdings in Prudential Financial were worth $524,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of PRU. Grove Bank & Trust grew its position in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Prudential Financial in the 4th quarter worth approximately $29,000. CGC Financial Services LLC increased its position in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 124 shares during the period. Wingate Wealth Advisors Inc. bought a new stake in Prudential Financial during the 4th quarter valued at $33,000. Finally, Quarry LP grew its stake in shares of Prudential Financial by 376.3% in the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Price Performance

PRU stock opened at $109.94 on Friday. Prudential Financial, Inc. has a one year low of $104.45 and a one year high of $130.55. The firm has a 50-day moving average of $113.09 and a two-hundred day moving average of $118.92. The firm has a market capitalization of $39.36 billion, a PE ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

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

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 4.91%. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was bought at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the transaction, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. 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. Keefe, Bruyette & Woods dropped their price target on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. BMO Capital Markets initiated coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. 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 boosted their price objective on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and an average price target of $126.15.

Prudential Financial Company 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.