Courier Capital LLC Lowers Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Courier Capital LLC lessened its holdings in Prudential Financial, Inc. (NYSE:PRU) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,214 shares of the financial services provider’s stock after selling 1,016 shares during the quarter. Courier Capital LLC’s holdings in Prudential Financial were worth $2,816,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Prudential Financial by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider’s stock worth $4,960,547,000 after acquiring an additional 220,671 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Prudential Financial by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider’s stock worth $1,050,635,000 after acquiring an additional 193,681 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Prudential Financial by 23.7% during the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock worth $555,513,000 after acquiring an additional 897,916 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Prudential Financial by 11.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider’s stock worth $404,230,000 after acquiring an additional 352,335 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Prudential Financial by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider’s stock worth $290,906,000 after acquiring an additional 6,938 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. The trade was a 18.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were purchased at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the acquisition, the insider now 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 disclosure for this purchase can be found here. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company boosted their price target on Prudential Financial from $108.00 to $113.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. Wall Street Zen lowered Prudential Financial from a “hold” rating to a “sell” rating in a research note on Sunday. Morgan Stanley upped their target price on Prudential Financial from $108.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Barclays reduced their target price on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. Finally, Piper Sandler reduced their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $120.15.

Prudential Financial Stock Performance

Shares of PRU stock opened at $105.63 on Monday. 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 one year low of $90.38 and a one year high of $130.55. The company’s 50-day simple moving average is $102.63 and its 200-day simple moving average is $111.75. The stock has a market capitalization of $37.39 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter last year, the company posted $3.12 earnings per share. The company’s quarterly revenue was down 38.2% compared to the same quarter last year. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.11%. Prudential Financial’s payout ratio is currently 85.58%.

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.