Cary Street Partners Asset Management LLC Reduces Position in Prudential Financial, Inc. (NYSE:PRU)

Cary Street Partners Asset Management LLC cut its position in Prudential Financial, Inc. (NYSE:PRU) by 8.7% during the fourth quarter, HoldingsChannel reports. The firm owned 24,719 shares of the financial services provider’s stock after selling 2,360 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in Prudential Financial were worth $2,564,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PRU. First Financial Corp IN grew its position in shares of Prudential Financial by 13.7% in the 4th quarter. First Financial Corp IN now owns 848 shares of the financial services provider’s stock valued at $88,000 after buying an additional 102 shares during the last quarter. Cambridge Trust Co. grew its position in shares of Prudential Financial by 77.2% in the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after buying an additional 105 shares during the last quarter. Raab & Moskowitz Asset Management LLC boosted its stake in Prudential Financial by 1.8% during the 4th quarter. Raab & Moskowitz Asset Management LLC now owns 6,531 shares of the financial services provider’s stock worth $677,000 after purchasing an additional 118 shares during the period. Patron Partners LLC boosted its stake in Prudential Financial by 2.4% during the 3rd quarter. Patron Partners LLC now owns 5,086 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 119 shares during the period. Finally, Janiczek Wealth Management LLC boosted its stake in Prudential Financial by 49.6% during the 4th quarter. Janiczek Wealth Management LLC now owns 374 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 124 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PRU. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $118.00 price target (down previously from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. Piper Sandler raised their target price on shares of Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Raymond James cut shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, February 9th. Evercore ISI raised their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research note on Thursday, April 25th. Finally, UBS Group raised their price objective on shares of Prudential Financial from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. 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 stock currently has an average rating of “Hold” and a consensus price target of $111.42.

Prudential Financial Trading Up 0.7 %

Prudential Financial stock traded up $0.82 during trading on Wednesday, reaching $111.30. The company had a trading volume of 652,049 shares, compared to its average volume of 1,502,855. Prudential Financial, Inc. has a 12-month low of $77.22 and a 12-month high of $118.69. The stock’s 50 day moving average price is $111.91 and its two-hundred day moving average price is $104.11. The firm has a market capitalization of $39.96 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The business had revenue of $15.01 billion for the quarter, compared to analyst estimates of $14.50 billion. During the same period last year, the firm earned $2.66 earnings per share. The company’s quarterly revenue was up 69.9% on a year-over-year basis. As a group, equities analysts expect that Prudential Financial, Inc. will post 13.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Tuesday, February 20th were paid a dividend of $1.30 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date was Friday, February 16th. This represents a $5.20 annualized dividend and a yield of 4.67%. Prudential Financial’s payout ratio is presently 77.73%.

Insider Buying and Selling at Prudential Financial

In other 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 transaction of $857,415.45. Following the completion of the transaction, the executive vice president now owns 13,691 shares in the company, valued at $1,527,504.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Prudential Financial 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 completion of the sale, the executive vice president now directly owns 13,691 shares of the company’s stock, valued at approximately $1,527,504.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann M. Kappler sold 7,222 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $108.39, for a total transaction of $782,792.58. Following the sale, the executive vice president now directly owns 24,381 shares of the company’s stock, valued at $2,642,656.59. The disclosure for this sale can be found here. Insiders sold a total of 29,255 shares of company stock worth $3,215,664 over the last 90 days. Insiders own 0.34% 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.