Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,871 shares of the financial services provider’s stock after selling 235 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Prudential Financial were worth $1,977,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Creekmur Asset Management LLC lifted its position in shares of Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new position in Prudential Financial in the 2nd quarter valued at $29,000. Strategic Financial Concepts LLC grew its holdings in shares of Prudential Financial by 1,312.4% during the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after buying an additional 25,027 shares in the last quarter. Crewe Advisors LLC acquired a new stake in shares of Prudential Financial in the first quarter valued at about $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Prudential Financial in the first quarter valued at approximately $34,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Down 0.4 %

Shares of NYSE:PRU opened at $121.36 on Monday. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The company’s 50 day moving average is $117.83 and its two-hundred day moving average is $116.39. The company has a market cap of $43.57 billion, a PE ratio of 20.64, a P/E/G ratio of 0.91 and a beta of 1.30. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The business had revenue of $13.84 billion during the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. Equities analysts predict that Prudential Financial, Inc. will post 13.31 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRU shares. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price objective on the stock in a research note on Monday, August 12th. Jefferies Financial Group dropped their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Barclays assumed coverage on Prudential Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price for the company. Morgan Stanley cut their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group raised their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $120.83.

Insiders Place Their Bets

In related news, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares in the company, valued at $1,648,705.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Prudential Financial Company Profile

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.