Prudential Financial, Inc. (NYSE:PRU) Stake Reduced by SouthState Corp

SouthState Corp lowered its holdings in Prudential Financial, Inc. (NYSE:PRU) by 66.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 622 shares of the financial services provider’s stock after selling 1,236 shares during the period. SouthState Corp’s holdings in Prudential Financial were worth $65,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. grew its position in Prudential Financial by 17.6% during the 4th quarter. Natixis Advisors L.P. now owns 114,818 shares of the financial services provider’s stock worth $11,907,000 after purchasing an additional 17,210 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Prudential Financial by 0.3% in the 4th quarter. First Horizon Advisors Inc. now owns 158,749 shares of the financial services provider’s stock worth $16,464,000 after acquiring an additional 477 shares in the last quarter. Mechanics Financial Corp boosted its position in Prudential Financial by 6.3% during the 4th quarter. Mechanics Financial Corp now owns 1,771 shares of the financial services provider’s stock worth $184,000 after acquiring an additional 105 shares during the period. McIlrath & Eck LLC increased its holdings in shares of Prudential Financial by 18.0% in the 4th quarter. McIlrath & Eck LLC now owns 670 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 102 shares during the period. Finally, First Trust Direct Indexing L.P. grew its position in Prudential Financial by 9.3% during the fourth quarter. First Trust Direct Indexing L.P. now owns 12,797 shares of the financial services provider’s stock valued at $1,327,000 after purchasing an additional 1,084 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 7,685 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total value of $857,415.45. Following the sale, the executive vice president now owns 13,691 shares of the company’s stock, valued at $1,527,504.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Ann M. Kappler sold 7,222 shares of Prudential Financial stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $108.39, for a total value of $782,792.58. Following the completion of the transaction, the executive vice president now owns 24,381 shares in the company, valued at $2,642,656.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 7,685 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total value of $857,415.45. Following the sale, the executive vice president now directly owns 13,691 shares of the company’s stock, valued at $1,527,504.87. The disclosure for this sale can be found here. Insiders have sold 29,255 shares of company stock valued at $3,215,664 in the last 90 days. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Stock Performance

NYSE:PRU traded up $0.97 during trading hours on Friday, hitting $112.26. 1,028,916 shares of the company traded hands, compared to its average volume of 1,460,168. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $40.30 billion, a price-to-earnings ratio of 19.09, a P/E/G ratio of 0.83 and a beta of 1.35. The firm has a 50-day moving average of $112.06 and a 200 day moving average of $104.21. Prudential Financial, Inc. has a twelve month low of $77.22 and a twelve month high of $118.69.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. During the same quarter in the previous year, the business posted $2.66 EPS. The firm’s quarterly revenue was up 69.9% on a year-over-year basis. On average, analysts forecast that Prudential Financial, Inc. will post 13.34 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a $1.30 dividend. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend was Friday, February 16th. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Evercore ISI raised their price target on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research note on Thursday, April 25th. Piper Sandler increased their price objective on Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Morgan Stanley boosted their target price on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a report on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $111.42.

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.