Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 91.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,715 shares of the financial services provider’s stock after selling 29,882 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Prudential Financial were worth $294,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC increased its position in shares of Prudential Financial by 9,281.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after acquiring an additional 1,354,248 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Prudential Financial during the 3rd quarter worth about $34,251,000. abrdn plc boosted its stake in shares of Prudential Financial by 37.5% in the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock valued at $114,829,000 after buying an additional 302,164 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Prudential Financial by 39.2% during the third quarter. Envestnet Asset Management Inc. now owns 1,004,087 shares of the financial services provider’s stock worth $95,278,000 after buying an additional 282,667 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Prudential Financial by 80.6% during the third quarter. AQR Capital Management LLC now owns 562,875 shares of the financial services provider’s stock worth $53,411,000 after buying an additional 251,269 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. Evercore ISI lifted their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday, April 25th. Morgan Stanley raised their price target on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Raymond James cut Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, February 9th. Finally, TheStreet raised Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $111.42.

Prudential Financial Stock Performance

Shares of PRU opened at $112.30 on Thursday. The company’s 50 day simple moving average is $112.00 and its 200-day simple moving average is $104.16. Prudential Financial, Inc. has a 12-month low of $77.22 and a 12-month high of $118.69. The firm has a market cap of $40.32 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.54% and a net margin of 3.76%. The company had revenue of $15.01 billion for the quarter, compared to analysts’ expectations of $14.50 billion. During the same period in the prior year, the business earned $2.66 EPS. The business’s quarterly revenue was up 69.9% compared to the same quarter last year. As a group, equities analysts predict that Prudential Financial, Inc. will post 13.38 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.63%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date was Friday, February 16th. Prudential Financial’s payout ratio is 88.44%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, SVP Timothy L. Schmidt sold 7,912 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the sale, the senior vice president now owns 14,754 shares of the company’s stock, valued at $1,595,350.02. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Prudential Financial news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the transaction, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at $1,595,350.02. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Robert Axel sold 6,436 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total value of $719,930.96. Following the sale, the senior vice president now directly owns 7,901 shares in the company, valued at approximately $883,805.86. The disclosure for this sale can be found here. In the last three months, insiders sold 29,255 shares of company stock valued at $3,215,664. Corporate insiders own 0.31% of the company’s stock.

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.