Prudential Financial, Inc. (NYSE:PRU) Stock Position Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,863 shares of the financial services provider’s stock after selling 1,995 shares during the quarter. State of Alaska Department of Revenue’s holdings in Prudential Financial were worth $5,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in PRU. Cambridge Trust Co. increased its position in shares of Prudential Financial by 77.2% during the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 105 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Prudential Financial during the fourth quarter worth about $26,000. Headinvest LLC bought a new stake in Prudential Financial in the third quarter worth about $27,000. Arlington Trust Co LLC boosted its position in shares of Prudential Financial by 151.6% during the 4th quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 185 shares in the last quarter. Finally, Pineridge Advisors LLC acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Falzon sold 130,092 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the sale, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Prudential Financial Price Performance

Shares of PRU stock opened at $118.51 on Thursday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67. Prudential Financial, Inc. has a 12 month low of $87.57 and a 12 month high of $121.39. The firm has a market cap of $42.55 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 0.89 and a beta of 1.34. The stock has a 50-day moving average price of $116.63 and a 200 day moving average price of $111.15.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The business had revenue of $15.01 billion for the quarter, compared to the consensus estimate of $14.50 billion. During the same period last year, the firm earned $2.66 earnings per share. The company’s quarterly revenue was up 69.9% on a year-over-year basis. Research analysts expect that Prudential Financial, Inc. will post 13.41 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.39%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday. Wells Fargo & Company boosted their target price on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research report on Thursday, April 11th. Morgan Stanley increased their price target on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Piper Sandler reduced their price objective on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $115.92.

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.