Cinctive Capital Management LP Has $4.08 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Cinctive Capital Management LP cut its holdings in Prudential Financial, Inc. (NYSE:PRU) by 68.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,674 shares of the financial services provider’s stock after selling 72,049 shares during the quarter. Cinctive Capital Management LP’s holdings in Prudential Financial were worth $4,078,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Prudential Financial by 83.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,439 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 656 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Prudential Financial during the 2nd quarter worth about $82,000. Mather Group LLC. increased its holdings in shares of Prudential Financial by 67.1% during the 2nd quarter. Mather Group LLC. now owns 1,133 shares of the financial services provider’s stock valued at $133,000 after acquiring an additional 455 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Prudential Financial in the 2nd quarter valued at approximately $29,000. Finally, Kingswood Wealth Advisors LLC lifted its holdings in Prudential Financial by 24.2% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,745 shares of the financial services provider’s stock worth $556,000 after purchasing an additional 924 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Stock Performance

PRU opened at $128.42 on Tuesday. The stock’s 50 day simple moving average is $124.24 and its 200-day simple moving average is $120.12. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a market cap of $45.72 billion, a PE ratio of 11.42, a P/E/G ratio of 0.93 and a beta of 1.29. Prudential Financial, Inc. has a 1 year low of $96.87 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.01. The firm had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same quarter in the previous year, the firm posted $3.44 EPS. Sell-side analysts forecast that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s payout ratio is 46.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Morgan Stanley decreased their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. TD Cowen lifted their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. Finally, Evercore ISI upgraded Prudential Financial from an “underperform” rating to an “inline” rating and increased their target price for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Eleven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $125.92.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of Prudential Financial stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate 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.