Pitcairn Co. Lowers Position in Prudential Financial, Inc. (NYSE:PRU)

Pitcairn Co. lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 13.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,479 shares of the financial services provider’s stock after selling 540 shares during the period. Pitcairn Co.’s holdings in Prudential Financial were worth $421,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Prudential Financial by 0.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 498,247 shares of the financial services provider’s stock valued at $58,495,000 after purchasing an additional 2,001 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Prudential Financial in the first quarter valued at about $247,000. Janus Henderson Group PLC lifted its position in shares of Prudential Financial by 49.5% during the 1st quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock valued at $9,409,000 after acquiring an additional 26,520 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Prudential Financial by 3.9% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 25,121 shares of the financial services provider’s stock worth $2,949,000 after acquiring an additional 932 shares in the last quarter. Finally, Creekmur Asset Management LLC grew its holdings in shares of Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Transactions at Prudential Financial

In other news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Prudential Financial Stock Performance

Prudential Financial stock opened at $129.11 on Wednesday. The stock has a fifty day moving average price of $123.72 and a 200 day moving average price of $119.89. Prudential Financial, Inc. has a 52 week low of $94.92 and a 52 week high of $129.69. The firm has a market capitalization of $45.96 billion, a P/E ratio of 11.48, a PEG ratio of 0.91 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the prior year, the company posted $3.44 EPS. Equities research analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.03%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler upped their target price on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Barclays raised their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Argus raised shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Bank of America raised their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley reduced their target price on 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. Eleven investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $125.69.

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.