Harvey Capital Management Inc. Cuts Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Harvey Capital Management Inc. reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,032 shares of the financial services provider’s stock after selling 166 shares during the period. Harvey Capital Management Inc.’s holdings in Prudential Financial were worth $1,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AMF Tjanstepension AB raised its position in Prudential Financial by 12.5% in the 3rd quarter. AMF Tjanstepension AB now owns 203,197 shares of the financial services provider’s stock worth $24,642,000 after buying an additional 22,588 shares during the last quarter. CWM LLC lifted its position in Prudential Financial by 7.5% during the third quarter. CWM LLC now owns 14,013 shares of the financial services provider’s stock valued at $1,697,000 after purchasing an additional 977 shares during the period. Ritholtz Wealth Management boosted its holdings in Prudential Financial by 20.6% in the third quarter. Ritholtz Wealth Management now owns 8,729 shares of the financial services provider’s stock worth $1,057,000 after purchasing an additional 1,489 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in Prudential Financial in the 3rd quarter worth approximately $252,000. Finally, Redhawk Wealth Advisors Inc. lifted its holdings in shares of Prudential Financial by 8.4% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 9,321 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 724 shares during the period. 56.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRU has been the subject of a number of research reports. TD Cowen upped their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Piper Sandler lowered their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Keefe, Bruyette & Woods cut their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday. Wells Fargo & Company decreased their price target on shares of Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus target price of $125.46.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the purchase, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Trading Down 0.4 %

Shares of Prudential Financial stock opened at $111.68 on Wednesday. Prudential Financial, Inc. has a twelve month low of $104.02 and a twelve month high of $130.55. The company has a quick ratio of 0.14, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $118.78 and a 200-day moving average price of $120.07. The firm has a market cap of $39.76 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.00 and a beta of 1.31.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities research analysts anticipate that Prudential Financial, Inc. will post 14.38 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $5.40 annualized dividend and a yield of 4.84%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is 69.61%.

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.