California State Teachers Retirement System lowered its position in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 2.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 624,593 shares of the financial services provider’s stock after selling 14,615 shares during the period. California State Teachers Retirement System’s holdings in Prudential Financial were worth $61,016,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. lifted its holdings in shares of Prudential Financial by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 10,022 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 94 shares in the last quarter. Transcend Capital Advisors LLC increased its stake in Prudential Financial by 2.4% during the 4th quarter. Transcend Capital Advisors LLC now owns 4,175 shares of the financial services provider’s stock worth $471,000 after purchasing an additional 98 shares in the last quarter. Rossby Financial LCC raised its holdings in Prudential Financial by 32.4% during the 4th quarter. Rossby Financial LCC now owns 421 shares of the financial services provider’s stock worth $48,000 after buying an additional 103 shares during the period. TD Private Client Wealth LLC raised its holdings in Prudential Financial by 5.6% during the 4th quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider’s stock worth $223,000 after buying an additional 104 shares during the period. Finally, Western Wealth Management LLC lifted its stake in Prudential Financial by 1.7% in the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider’s stock valued at $702,000 after buying an additional 105 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts recently commented on the stock. Bank of America cut their price objective on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Piper Sandler lifted their price target on Prudential Financial from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. UBS Group reduced their price objective on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Barclays lifted their target price on Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Prudential Financial currently has an average rating of “Reduce” and a consensus target price of $105.46.
Prudential Financial Stock Up 0.2%
Prudential Financial stock opened at $122.86 on Friday. The company has a fifty day simple moving average of $110.50 and a 200 day simple moving average of $104.41. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $124.57. The company has a market cap of $42.63 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 2.44 and a beta of 0.85.
Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The company had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same period in the prior year, the business posted $3.29 EPS. Research analysts anticipate that Prudential Financial, Inc. will post 13.83 earnings per share for the current fiscal year.
Prudential Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 4.6%. Prudential Financial’s dividend payout ratio is 57.61%.
Insider Buying and Selling
In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.05% of the company’s stock.
Prudential Financial Company Profile
Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.
Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.
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