Corebridge Financial Inc. Lowers Stake in Prudential Financial, Inc. (NYSE:PRU)

Corebridge Financial Inc. cut its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 84,319 shares of the financial services provider's stock after selling 4,339 shares during the quarter. Corebridge Financial Inc.'s holdings in Prudential Financial were worth $9,994,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRU. Grove Bank & Trust increased its stake in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock worth $26,000 after purchasing an additional 87 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Prudential Financial in the 4th quarter worth $29,000. CGC Financial Services LLC raised its holdings in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new position in shares of Prudential Financial in the fourth quarter valued at about $33,000. Finally, Quarry LP grew its position in shares of Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider's stock worth $34,000 after purchasing an additional 222 shares in the last quarter. Institutional investors own 56.83% of the company's stock.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.

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Prudential Financial Trading Up 1.5 %

Shares of Prudential Financial stock traded up $1.70 during trading on Monday, hitting $111.77. The stock had a trading volume of 1,892,917 shares, compared to its average volume of 1,539,831. The stock has a market cap of $40.01 billion, a PE ratio of 14.96, a PEG ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 12 month low of $104.45 and a 12 month high of $130.55. The firm's fifty day simple moving average is $112.95 and its 200-day simple moving average is $118.95. 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 (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.83%. This is an increase from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial's dividend payout ratio (DPR) is 72.29%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wells Fargo & Company upped their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 19th. Jefferies Financial Group upped their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Barclays boosted their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods cut their price objective on Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Finally, Morgan Stanley dropped their price target on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has a consensus rating of "Hold" and an average price target of $126.15.

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.