Plato Investment Management Ltd Lowers Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Plato Investment Management Ltd reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 34.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,978 shares of the financial services provider’s stock after selling 1,040 shares during the period. Plato Investment Management Ltd’s holdings in Prudential Financial were worth $232,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRU. Pinnacle Financial Partners Inc grew its stake in Prudential Financial by 4.8% in the fourth quarter. Pinnacle Financial Partners Inc now owns 3,455 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 157 shares in the last quarter. LMG Wealth Partners LLC grew its position in Prudential Financial by 0.9% during the fourth quarter. LMG Wealth Partners LLC now owns 103,269 shares of the financial services provider’s stock valued at $10,710,000 after purchasing an additional 917 shares in the last quarter. DAVENPORT & Co LLC lifted its stake in shares of Prudential Financial by 3.9% in the 4th quarter. DAVENPORT & Co LLC now owns 16,192 shares of the financial services provider’s stock valued at $1,679,000 after purchasing an additional 603 shares during the last quarter. Webster Bank N. A. lifted its stake in shares of Prudential Financial by 2.0% in the fourth quarter. Webster Bank N. A. now owns 14,813 shares of the financial services provider’s stock worth $1,536,000 after buying an additional 295 shares during the last quarter. Finally, Clay Northam Wealth Management LLC acquired a new stake in Prudential Financial during the fourth quarter worth about $215,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Price Performance

NYSE:PRU traded down $13.64 during mid-day trading on Friday, hitting $108.85. 3,042,207 shares of the company’s stock traded hands, compared to its average volume of 1,463,034. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The firm’s 50 day simple moving average is $119.71 and its 200 day simple moving average is $113.98. The company has a market cap of $39.08 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 0.97 and a beta of 1.34.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. Sell-side analysts expect that Prudential Financial, Inc. will post 13.38 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.78%. The ex-dividend date was Monday, May 20th. Prudential Financial’s dividend payout ratio is 88.44%.

Insider Buying and Selling

In related news, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total transaction of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Timothy L. Schmidt sold 5,189 shares of Prudential Financial stock in a transaction dated 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 of the company’s stock, valued at $1,426,472.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PRU shares. Wells Fargo & Company upped their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Piper Sandler dropped their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Jefferies Financial Group dropped their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Morgan Stanley lifted their price objective on shares of Prudential Financial from $120.00 to $123.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Citigroup raised their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $116.92.

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.