Orca Investment Management LLC Reduces Position in Prudential Financial, Inc. $PRU

Orca Investment Management LLC cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,865 shares of the financial services provider’s stock after selling 1,844 shares during the period. Prudential Financial makes up 2.4% of Orca Investment Management LLC’s portfolio, making the stock its 11th biggest position. Orca Investment Management LLC’s holdings in Prudential Financial were worth $2,671,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 133 shares during the last quarter. GAMMA Investing LLC boosted its position in Prudential Financial by 1.9% in the first quarter. GAMMA Investing LLC now owns 7,771 shares of the financial services provider’s stock worth $868,000 after purchasing an additional 145 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its position in Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 101 shares during the last quarter. Goldstone Financial Group LLC boosted its position in Prudential Financial by 7.9% in the first quarter. Goldstone Financial Group LLC now owns 4,049 shares of the financial services provider’s stock worth $452,000 after purchasing an additional 295 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Prudential Financial by 3.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 79,888 shares of the financial services provider’s stock worth $8,922,000 after purchasing an additional 2,623 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Prudential Financial in a research report on Wednesday. Piper Sandler dropped their target price on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Finally, Wolfe Research began coverage on Prudential Financial in a research report on Tuesday, September 16th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $122.27.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the sale, the executive vice president owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.25% of the company’s stock.

Prudential Financial Stock Down 3.4%

PRU stock opened at $99.08 on Friday. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a market cap of $34.88 billion, a P/E ratio of 21.97, a PEG ratio of 0.88 and a beta of 1.04. The business’s 50-day moving average price is $105.15 and its 200-day moving average price is $104.47.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The company had revenue of $8.35 billion for the quarter. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. On average, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 119.73%.

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.