Hartford Investment Management Co. Reduces Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Hartford Investment Management Co. cut its position in Prudential Financial, Inc. (NYSE:PRU) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,957 shares of the financial services provider’s stock after selling 590 shares during the quarter. Hartford Investment Management Co.’s holdings in Prudential Financial were worth $3,022,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock worth $84,874,000 after purchasing an additional 357,300 shares in the last quarter. Swedbank AB purchased a new stake in shares of Prudential Financial during the first quarter worth $35,855,000. Legal & General Group Plc boosted its holdings in shares of Prudential Financial by 9.4% in the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after acquiring an additional 305,143 shares during the period. OFI Invest Asset Management grew its position in shares of Prudential Financial by 10,529.7% in the second quarter. OFI Invest Asset Management now owns 155,513 shares of the financial services provider’s stock valued at $17,004,000 after purchasing an additional 154,050 shares in the last quarter. Finally, Cullinan Associates Inc. raised its stake in shares of Prudential Financial by 2,355.0% during the 1st quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock valued at $17,798,000 after purchasing an additional 145,423 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 0.4 %

PRU stock opened at $125.16 on Thursday. The company has a market capitalization of $44.93 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30. 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, Inc. has a one year low of $87.95 and a one year high of $128.52. The company’s 50 day moving average price is $119.79 and its two-hundred day moving average price is $117.69.

Prudential Financial (NYSE:PRU) last issued its earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The business had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. As a group, analysts predict that Prudential Financial, Inc. will post 13.3 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.15%. Prudential Financial’s payout ratio is 88.44%.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PRU shares. Bank of America raised their target price on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. TD Cowen initiated coverage on shares of Prudential Financial in a research note on Wednesday, October 9th. They set a “hold” rating and a $130.00 price objective for the company. Morgan Stanley lowered their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Citigroup boosted their price target on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company increased their price objective on Prudential Financial from $113.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $123.69.

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.