Westpac Banking Corp Sells 2,615 Shares of Prudential Financial, Inc. (NYSE:PRU)

Westpac Banking Corp cut its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,194 shares of the financial services provider's stock after selling 2,615 shares during the period. Westpac Banking Corp's holdings in Prudential Financial were worth $4,527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRU. Grove Bank & Trust raised its position in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock worth $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new position in Prudential Financial in the fourth quarter valued at approximately $29,000. CGC Financial Services LLC grew its holdings in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. bought a new stake in shares of Prudential Financial in the fourth quarter valued at $33,000. Finally, Quarry LP lifted its position in shares of Prudential Financial by 376.3% during the 3rd 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 last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of Prudential Financial 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 directly owns 139,987 shares of the company's stock, valued at $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 in the company, 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. 0.31% of the stock is currently owned by corporate insiders.

Remove Ads

Prudential Financial Trading Up 2.5 %

PRU stock traded up $2.39 during trading on Tuesday, hitting $98.17. 833,735 shares of the company traded hands, compared to its average volume of 1,567,829. The company has a 50-day moving average of $111.53 and a 200-day moving average of $118.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm has a market capitalization of $34.79 billion, a PE ratio of 13.09, a P/E/G ratio of 0.98 and a beta of 1.11.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share 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 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.50%. The ex-dividend date was Tuesday, February 18th. Prudential Financial's dividend payout ratio is currently 72.29%.

Analyst Ratings Changes

Several equities research analysts have commented on PRU shares. Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating on the stock in a report on Wednesday, February 12th. UBS Group decreased their price target on Prudential Financial from $130.00 to $122.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 2nd. Wells Fargo & Company raised their price objective on shares of Prudential Financial from $113.00 to $118.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 19th. Jefferies Financial Group boosted their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Finally, Piper Sandler dropped 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 investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $126.08.

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.