Douglas Lane & Associates LLC Decreases Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Douglas Lane & Associates LLC decreased its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 30.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 378,589 shares of the financial services provider's stock after selling 167,537 shares during the period. Douglas Lane & Associates LLC owned 0.11% of Prudential Financial worth $44,874,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in 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 valued at $2,059,549,000 after purchasing an additional 49,830 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Prudential Financial by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider's stock worth $1,047,872,000 after acquiring an additional 341,787 shares during the period. Legal & General Group Plc increased its holdings in Prudential Financial by 9.4% in the 2nd 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Prudential Financial by 1.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider's stock valued at $370,327,000 after purchasing an additional 47,561 shares during the last quarter. Finally, FMR LLC boosted its position in Prudential Financial by 31.3% during the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider's stock worth $174,903,000 after purchasing an additional 344,254 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of NYSE:PRU traded down $0.82 during trading on Wednesday, reaching $118.36. The company had a trading volume of 1,388,747 shares, compared to its average volume of 1,189,969. Prudential Financial, Inc. has a 12 month low of $100.60 and a 12 month high of $130.55. 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 capitalization of $42.14 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 0.87 and a beta of 1.31. The company has a fifty day moving average of $122.90 and a two-hundred day moving average of $120.70.

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

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Tuesday, November 19th. Prudential Financial's payout ratio is currently 46.22%.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were purchased at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. This represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.31% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Prudential Financial from $109.00 to $118.00 and gave the company a "neutral" rating in a research report on Thursday, October 10th. Barclays increased their target price on Prudential Financial from $119.00 to $129.00 and gave the stock an "equal weight" rating in a research report on Monday. Evercore ISI upgraded Prudential Financial from an "underperform" rating to an "inline" rating and lifted their price target for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. TD Cowen increased their price objective on Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Finally, Piper Sandler lifted 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. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Prudential Financial currently has an average rating of "Hold" and a consensus price target of $127.17.

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.