Carret Asset Management LLC Sells 375 Shares of Prudential Financial, Inc. (NYSE:PRU)

Carret Asset Management LLC cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,860 shares of the financial services provider’s stock after selling 375 shares during the quarter. Carret Asset Management LLC’s holdings in Prudential Financial were worth $804,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PRU. Vanguard Group Inc. raised its holdings in Prudential Financial by 13.9% in 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 in the last quarter. Norges Bank purchased a new position in Prudential Financial during the 4th quarter valued at about $113,478,000. Dimensional Fund Advisors LP boosted its stake 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 worth $414,926,000 after acquiring an additional 388,363 shares in the last quarter. Swedbank AB purchased a new stake in Prudential Financial in the first quarter worth about $35,855,000. Finally, Schroder Investment Management Group lifted its holdings in shares of Prudential Financial by 387.6% during the fourth quarter. Schroder Investment Management Group now owns 332,421 shares of the financial services provider’s stock valued at $34,475,000 after purchasing an additional 264,247 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. UBS Group raised their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Piper Sandler dropped their target price on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Finally, Citigroup raised their price target 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 assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $119.33.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the business’s stock in a transaction on 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 completion of the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, 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. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Stock Performance

Shares of NYSE PRU traded up $1.36 during midday trading on Monday, hitting $121.16. 2,141,400 shares of the stock traded hands, compared to its average volume of 1,501,747. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The firm has a market capitalization of $43.50 billion, a P/E ratio of 20.61, a PEG ratio of 0.94 and a beta of 1.34. The firm has a 50-day moving average of $118.10 and a two-hundred day moving average of $115.35.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. On average, equities analysts forecast that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, August 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

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.