LPL Financial LLC Sells 9,994 Shares of Prudential Financial, Inc. (NYSE:PRU)

LPL Financial LLC cut its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 501,034 shares of the financial services provider's stock after selling 9,994 shares during the period. LPL Financial LLC owned 0.14% of Prudential Financial worth $59,388,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Prudential Financial by 0.3% during 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 during the period. Geode Capital Management LLC increased its stake in 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 valued at $1,047,872,000 after buying an additional 341,787 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Prudential Financial by 1.6% in the 3rd 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 worth $370,327,000 after acquiring an additional 47,561 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Prudential Financial by 0.3% in the fourth 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. boosted its stake in Prudential Financial by 1.1% during the fourth 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 buying an additional 26,210 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Remove Ads

Prudential Financial Stock Up 1.5 %

PRU stock traded up $1.70 during midday trading on Monday, reaching $111.77. The company had a trading volume of 1,892,917 shares, compared to its average volume of 1,539,831. The company has a 50 day moving average of $112.95 and a two-hundred day moving average of $118.95. The company has a market capitalization of $40.01 billion, a P/E ratio of 14.96, a PEG ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a 1 year low of $104.45 and a 1 year high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings data 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 return on equity of 15.86% and a net margin of 4.01%. On average, equities research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were paid a $1.35 dividend. This is a boost from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.83%. Prudential Financial's payout ratio is presently 72.29%.

Analysts Set New Price Targets

Several analysts recently commented on PRU shares. BMO Capital Markets initiated coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They set an "underperform" rating and a $101.00 target price for the company. Wells Fargo & Company raised their price objective 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. Morgan Stanley cut their target price on Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Barclays increased their price target on Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Finally, Piper Sandler reduced their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Prudential Financial has an average rating of "Hold" and a consensus price target of $126.15.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The shares were acquired at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the purchase, the insider now owns 139,987 shares of the company's stock, valued at approximately $3,992,429.24. The trade was a 60.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 $2,869,090.56. The trade was 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.

About Prudential Financial

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.