Asset Dedication LLC reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 74.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 303 shares of the financial services provider’s stock after selling 887 shares during the quarter. Asset Dedication LLC’s holdings in Prudential Financial were worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Prudential Financial by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 31,654,749 shares of the financial services provider’s stock valued at $2,715,345,000 after buying an additional 168,175 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Prudential Financial by 6.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,353,887 shares of the financial services provider’s stock valued at $750,839,000 after buying an additional 356,957 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Prudential Financial by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,291,063 shares of the financial services provider’s stock valued at $282,307,000 after buying an additional 43,016 shares in the last quarter. Legal & General Group Plc grew its holdings in Prudential Financial by 6.4% during the 2nd quarter. Legal & General Group Plc now owns 3,276,897 shares of the financial services provider’s stock valued at $313,535,000 after buying an additional 198,205 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Prudential Financial by 3.3% during the 1st quarter. Invesco Ltd. now owns 3,247,466 shares of the financial services provider’s stock valued at $383,753,000 after buying an additional 103,853 shares in the last quarter. 56.33% of the stock is owned by hedge funds and other institutional investors.
Prudential Financial Price Performance
Shares of PRU opened at $81.19 on Thursday. Prudential Financial, Inc. has a 52-week low of $75.37 and a 52-week high of $122.54. The business has a fifty day moving average of $95.11 and a 200 day moving average of $97.97. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.07 and a current ratio of 0.07.
Prudential Financial Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 6.16%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Friday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is -126.90%.
Prudential Financial announced that its board has authorized a stock repurchase plan on Tuesday, February 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
PRU has been the subject of a number of recent research reports. Morgan Stanley raised their target price on shares of Prudential Financial from $112.00 to $114.00 and gave the company an “equal weight” rating in a report on Tuesday, January 10th. Barclays cut their target price on shares of Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, January 10th. JPMorgan Chase & Co. cut their target price on shares of Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. The Goldman Sachs Group lowered shares of Prudential Financial from a “neutral” rating to a “sell” rating and cut their target price for the company from $98.00 to $96.00 in a report on Monday, January 9th. Finally, Piper Sandler reissued a “neutral” rating and issued a $106.00 target price on shares of Prudential Financial in a report on Wednesday, February 8th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.00.
Insider Transactions at Prudential Financial
In other news, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total transaction of $409,299.20. Following the completion of the sale, the executive vice president now directly owns 12,241 shares in the company, valued at $1,214,307.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $99.20, for a total value of $409,299.20. Following the completion of the sale, the executive vice president now directly owns 12,241 shares in the company, valued at $1,214,307.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 11,405 shares of Prudential Financial stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $100.95, for a total value of $1,151,334.75. Following the completion of the sale, the executive vice president now owns 12,300 shares of the company’s stock, valued at $1,241,685. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
Prudential Financial Company Profile
Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.
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