Prudential Financial, Inc. (NYSE:PRU) Stock Holdings Reduced by Truist Financial Corp

Truist Financial Corp lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 10.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 679,074 shares of the financial services provider’s stock after selling 75,391 shares during the quarter. Truist Financial Corp owned approximately 0.19% of Prudential Financial worth $70,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRU. International Assets Investment Management LLC grew its stake in Prudential Financial by 9,281.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after purchasing an additional 1,354,248 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Prudential Financial in the third quarter valued at about $34,251,000. abrdn plc boosted its stake in shares of Prudential Financial by 37.5% during the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after acquiring an additional 302,164 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Prudential Financial by 39.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,004,087 shares of the financial services provider’s stock worth $95,278,000 after acquiring an additional 282,667 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Prudential Financial by 80.6% during the 3rd quarter. AQR Capital Management LLC now owns 562,875 shares of the financial services provider’s stock worth $53,411,000 after acquiring an additional 251,269 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 news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Robert Axel sold 6,436 shares of the 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 completion of the transaction, the senior vice president now directly owns 7,901 shares of the company’s stock, valued at $883,805.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,255 shares of company stock valued at $3,215,664. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRU. Piper Sandler upped their price target on Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Morgan Stanley upped their price target on Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. UBS Group upped their price target on Prudential Financial from $108.00 to $112.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. TheStreet upgraded Prudential Financial from a “c+” rating to an “a-” rating in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $118.00 target price (down previously from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $111.42.

Prudential Financial Trading Down 0.6 %

Prudential Financial stock opened at $110.50 on Friday. The business has a 50 day moving average price of $111.75 and a two-hundred day moving average price of $103.80. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The stock has a market cap of $39.67 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. Prudential Financial, Inc. has a 12 month low of $77.22 and a 12 month high of $118.69.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing the consensus estimate of $2.67 by ($0.09). The firm had revenue of $13.02 billion during the quarter, compared to analyst estimates of $12.99 billion. Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The company’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the company earned $2.42 EPS. As a group, equities analysts forecast that Prudential Financial, Inc. will post 13.38 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Friday, February 16th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.71%. Prudential Financial’s dividend payout ratio is presently 77.73%.

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.