HighTower Advisors LLC Sells 3,685 Shares of Prudential Financial, Inc. (NYSE:PRU)

HighTower Advisors LLC trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 5.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,857 shares of the financial services provider's stock after selling 3,685 shares during the period. HighTower Advisors LLC's holdings in Prudential Financial were worth $7,806,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Grove Bank & Trust lifted its position in shares of Prudential Financial by 65.9% during 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 acquired a new position in Prudential Financial in the fourth quarter valued at approximately $29,000. CGC Financial Services LLC lifted its holdings in Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after buying an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new position in Prudential Financial in the fourth quarter valued at approximately $33,000. Finally, Quarry LP lifted its holdings in Prudential Financial by 376.3% in the third quarter. Quarry LP now owns 281 shares of the financial services provider's stock valued at $34,000 after buying an additional 222 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PRU shares. BMO Capital Markets started coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They issued an "underperform" rating and a $101.00 target price on the stock. TD Cowen increased their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Piper Sandler cut their target price on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Wells Fargo & Company increased their price objective on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 19th. Finally, Barclays increased their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $126.15.

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Prudential Financial Stock Performance

PRU stock traded down $0.43 during trading hours on Friday, reaching $110.35. The stock had a trading volume of 3,244,932 shares, compared to its average volume of 1,773,604. The stock has a market capitalization of $39.51 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a 50-day simple moving average of $113.65 and a 200 day simple moving average of $119.12. Prudential Financial, Inc. has a fifty-two week low of $104.44 and a fifty-two week high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS 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%. Analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio (DPR) is currently 72.29%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were 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 directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

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.