IVC Wealth Advisors LLC Sells 102 Shares of Prudential Financial, Inc. (NYSE:PRU)

IVC Wealth Advisors LLC cut its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,546 shares of the financial services provider’s stock after selling 102 shares during the quarter. Prudential Financial accounts for about 0.9% of IVC Wealth Advisors LLC’s holdings, making the stock its 25th biggest holding. IVC Wealth Advisors LLC’s holdings in Prudential Financial were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Prudential Financial by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares during the last quarter. International Assets Investment Management LLC lifted its position in Prudential Financial by 9,281.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after buying an additional 1,354,248 shares during the last quarter. Norges Bank purchased a new stake in Prudential Financial in the fourth quarter worth approximately $113,478,000. Dimensional Fund Advisors LP grew its position in Prudential Financial by 10.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after acquiring an additional 388,363 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $34,251,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 0.0 %

PRU stock traded down $0.04 during midday trading on Wednesday, hitting $118.51. The stock had a trading volume of 718,184 shares, compared to its average volume of 1,472,309. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $42.55 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 0.88 and a beta of 1.34. The business has a 50-day moving average of $116.63 and a two-hundred day moving average of $111.15. Prudential Financial, Inc. has a 52-week low of $87.57 and a 52-week high of $121.39.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The business had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. During the same quarter in the previous year, the business earned $2.66 earnings per share. The firm’s revenue was up 69.9% compared to the same quarter last year. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 13.41 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were given a $1.30 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.39%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Insider Activity at Prudential Financial

In related news, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total value of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares in the company, valued at approximately $1,426,472.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Prudential Financial news, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares in the company, valued at approximately $1,426,472.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on PRU shares. JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their price objective on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Wells Fargo & Company increased their target price on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a report on Thursday, April 11th. Morgan Stanley lifted their price target on Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Finally, Evercore ISI increased their price objective on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research note on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $115.92.

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.