Cinctive Capital Management LP Trims Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Cinctive Capital Management LP lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 23.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,617 shares of the financial services provider's stock after selling 8,057 shares during the quarter. Cinctive Capital Management LP's holdings in Prudential Financial were worth $3,036,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PRU. Vanguard Group Inc. raised its stake in Prudential Financial by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider's stock valued at $4,960,547,000 after purchasing an additional 220,671 shares during the last quarter. State Street Corp lifted its stake in shares of Prudential Financial by 0.3% in the third quarter. State Street Corp now owns 17,007,013 shares of the financial services provider's stock worth $2,059,549,000 after buying an additional 49,830 shares in the last quarter. Geode Capital Management LLC boosted its position in Prudential Financial by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider's stock worth $1,050,635,000 after acquiring an additional 193,681 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Prudential Financial by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider's stock valued at $290,906,000 after acquiring an additional 6,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Prudential Financial by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,521 shares of the financial services provider's stock valued at $285,601,000 after acquiring an additional 26,210 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the acquisition, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company's stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.

Prudential Financial Trading Up 3.1 %

Shares of NYSE:PRU traded up $2.93 during mid-day trading on Tuesday, reaching $98.71. 774,639 shares of the company were exchanged, compared to its average volume of 1,567,599. The firm has a market cap of $34.99 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 0.98 and a beta of 1.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm's 50-day simple moving average is $111.53 and its 200 day simple moving average is $118.44.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts' consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 5.47%. Prudential Financial's dividend payout ratio is 72.29%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRU. Piper Sandler dropped their price target on Prudential Financial from $124.00 to $122.00 and set a "neutral" rating for the company in a research report on Wednesday, April 2nd. Jefferies Financial Group raised their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Barclays boosted their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. BMO Capital Markets started coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price objective for the company. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $126.08.

Prudential Financial 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.