Legal & General Group Plc Sells 794,214 Shares of Prudential Financial, Inc. (NYSE:PRU)

Legal & General Group Plc decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 22.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,675,298 shares of the financial services provider's stock after selling 794,214 shares during the quarter. Legal & General Group Plc owned about 0.75% of Prudential Financial worth $317,103,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of PRU. Avanza Fonder AB acquired a new position in Prudential Financial during the fourth quarter worth $3,423,000. Gateway Investment Advisers LLC raised its holdings in shares of Prudential Financial by 56.1% in the 4th quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider's stock worth $2,607,000 after acquiring an additional 7,907 shares during the last quarter. Principal Financial Group Inc. lifted its position in Prudential Financial by 3.9% in the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider's stock valued at $50,830,000 after acquiring an additional 15,695 shares in the last quarter. Asset Allocation & Management Company LLC bought a new stake in Prudential Financial during the 4th quarter worth approximately $209,000. Finally, Czech National Bank raised its stake in shares of Prudential Financial by 6.1% in the fourth quarter. Czech National Bank now owns 77,188 shares of the financial services provider's stock worth $9,149,000 after purchasing an additional 4,464 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Morgan Stanley decreased their price target on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. 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 target on the stock. UBS Group reduced their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a "neutral" rating for the company in a research report on Wednesday, April 2nd. Barclays cut their target price on Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a research note on Friday. Finally, Piper Sandler reduced their price objective on Prudential Financial from $124.00 to $122.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Prudential Financial presently has an average rating of "Hold" and an average price target of $122.77.

Prudential Financial Stock Performance

Shares of PRU stock traded up $2.82 during trading on Monday, reaching $101.65. 315,416 shares of the company's stock traded hands, compared to its average volume of 1,591,887. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a market capitalization of $36.03 billion, a P/E ratio of 13.61, a PEG ratio of 0.98 and a beta of 1.11. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm's 50-day moving average is $108.98 and its 200 day moving average is $117.56.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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 return on equity of 15.86% and a net margin of 4.01%. Equities research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently declared 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. 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. This represents a $5.40 annualized dividend and a dividend yield of 5.31%. Prudential Financial's dividend payout ratio is currently 72.29%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were bought at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the transaction, the insider now owns 139,987 shares of the company's stock, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company's stock, valued at approximately $2,869,090.56. The trade was 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.

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.