Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Pinnacle Associates Ltd.

Posted by Defense World Staff on Apr 6th, 2023

Pinnacle Associates Ltd. trimmed its stake in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,133 shares of the financial services provider’s stock after selling 542 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Prudential Financial were worth $1,739,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Kovack Advisors Inc. boosted its stake in shares of Prudential Financial by 26.1% during the 3rd quarter. Kovack Advisors Inc. now owns 3,040 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 630 shares during the last quarter. Gradient Investments LLC boosted its position in Prudential Financial by 90.4% during the third quarter. Gradient Investments LLC now owns 1,165 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 553 shares during the last quarter. Mutual Advisors LLC raised its holdings in Prudential Financial by 3.5% in the 2nd quarter. Mutual Advisors LLC now owns 20,012 shares of the financial services provider’s stock valued at $1,915,000 after acquiring an additional 670 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Prudential Financial by 50.2% during the third quarter. Diversified Trust Co now owns 8,504 shares of the financial services provider’s stock worth $729,000 after purchasing an additional 2,844 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Prudential Financial by 1.0% in the third quarter. Nisa Investment Advisors LLC now owns 140,152 shares of the financial services provider’s stock valued at $12,132,000 after purchasing an additional 1,395 shares during the period. 56.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 11,405 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the completion of the sale, the executive vice president now directly owns 12,300 shares of the company’s stock, valued at approximately $1,241,685. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Prudential Financial news, EVP Andrew F. Sullivan sold 11,405 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 12,300 shares in the company, valued at approximately $1,241,685. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew F. Sullivan sold 4,126 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the sale, the executive vice president now owns 12,241 shares of the company’s stock, valued at $1,214,307.20. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

NYSE:PRU opened at $82.84 on Thursday. Prudential Financial, Inc. has a twelve month low of $75.37 and a twelve month high of $122.54. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.07 and a current ratio of 0.07. The firm’s fifty day simple moving average is $93.39 and its 200 day simple moving average is $97.54.

Prudential Financial (NYSE:PRU – Get Rating) last issued its quarterly earnings data on Tuesday, February 7th. The financial services provider reported $2.42 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.15). Prudential Financial had a positive return on equity of 13.31% and a negative net margin of 2.33%. The company had revenue of $12.65 billion for the quarter, compared to analyst estimates of $12.78 billion. During the same quarter in the prior year, the firm earned $3.18 EPS. As a group, research analysts expect that Prudential Financial, Inc. will post 12.2 earnings per share for the current year.

Prudential Financial declared that its board has approved a stock buyback plan on Tuesday, February 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Shareholders of record on Tuesday, February 21st were given a $1.25 dividend. This is an increase from Prudential Financial’s previous quarterly dividend of $1.20. The ex-dividend date was Friday, February 17th. This represents a $5.00 annualized dividend and a yield of 6.04%. Prudential Financial’s dividend payout ratio (DPR) is -126.90%.

Analyst Ratings Changes

PRU has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Prudential Financial from $97.00 to $100.00 and gave the stock an “underweight” rating in a research note on Monday, February 13th. JPMorgan Chase & Co. raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating and set a $114.00 target price on the stock in a research report on Tuesday. StockNews.com initiated coverage on shares of Prudential Financial in a report on Thursday, March 16th. They issued a “hold” rating for the company. Piper Sandler reiterated a “neutral” rating and issued a $106.00 price target on shares of Prudential Financial in a report on Wednesday, February 8th. Finally, Barclays lowered their price objective on shares of Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus target price of $103.00.

Prudential Financial Profile

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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.