SteelPeak Wealth LLC Sells 6,949 Shares of Prudential Financial, Inc. (NYSE:PRU)

SteelPeak Wealth LLC trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 68.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,216 shares of the financial services provider's stock after selling 6,949 shares during the period. SteelPeak Wealth LLC's holdings in Prudential Financial were worth $389,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. National Bank of Canada FI lifted its holdings in Prudential Financial by 44.9% in the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider's stock valued at $27,327,000 after buying an additional 71,274 shares during the period. ORG Partners LLC bought a new stake in Prudential Financial in the second quarter valued at approximately $156,000. Russell Investments Group Ltd. increased its stake in Prudential Financial by 25.0% in the first quarter. Russell Investments Group Ltd. now owns 180,555 shares of the financial services provider's stock valued at $21,171,000 after purchasing an additional 36,159 shares in the last quarter. PGGM Investments increased its stake in Prudential Financial by 98.0% in the second quarter. PGGM Investments now owns 64,277 shares of the financial services provider's stock valued at $7,533,000 after purchasing an additional 31,807 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in Prudential Financial by 6.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 406,295 shares of the financial services provider's stock valued at $47,699,000 after purchasing an additional 25,196 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of NYSE PRU traded down $1.20 during midday trading on Friday, reaching $121.28. 1,965,517 shares of the company were exchanged, compared to its average volume of 1,482,911. The stock's 50-day moving average price is $121.02 and its 200-day moving average price is $118.16. The stock has a market cap of $43.30 billion, a P/E ratio of 10.90, a PEG ratio of 0.97 and a beta of 1.30. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a one year low of $89.90 and a one year high of $128.52.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.66% and a net margin of 6.03%. The company 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 EPS. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.3 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.29%. Prudential Financial's payout ratio is 46.22%.

Analyst Ratings Changes

PRU has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating for the company in a research report on Monday, August 19th. Barclays raised their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an "equal weight" rating in a research report on Friday. Bank of America raised their target price 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. Wells Fargo & Company raised their target price on shares of Prudential Financial from $113.00 to $116.00 and gave the company an "equal weight" rating in a research report on Thursday, October 10th. Finally, Citigroup raised their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the company a "neutral" rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has given 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 target price of $123.77.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares of the company's stock, valued at $116,071,781.42. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company's stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. This trade represents a 0.00 % 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 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.