Creative Planning Cuts Position in Prudential Financial, Inc. (NYSE:PRU)

Creative Planning cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 2.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 92,462 shares of the financial services provider’s stock after selling 2,752 shares during the period. Creative Planning’s holdings in Prudential Financial were worth $11,197,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cullinan Associates Inc. grew its position in Prudential Financial by 2,355.0% in the first quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock worth $17,798,000 after acquiring an additional 145,423 shares in the last quarter. National Bank of Canada FI boosted its position in Prudential Financial by 44.9% during the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock valued at $27,327,000 after buying an additional 71,274 shares during the period. Brookstone Capital Management boosted its position in Prudential Financial by 1,635.0% during the first quarter. Brookstone Capital Management now owns 87,201 shares of the financial services provider’s stock valued at $10,237,000 after buying an additional 82,175 shares during the period. ORG Partners LLC purchased a new stake in Prudential Financial during the second quarter valued at about $156,000. Finally, Russell Investments Group Ltd. boosted its position in Prudential Financial by 25.0% during the first quarter. Russell Investments Group Ltd. now owns 180,555 shares of the financial services provider’s stock valued at $21,171,000 after buying an additional 36,159 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of PRU opened at $125.63 on Wednesday. The company has a market capitalization of $44.85 billion, a P/E ratio of 16.15, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $119.51 and a 200 day moving average of $117.64. Prudential Financial, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. As a group, equities research analysts anticipate that Prudential Financial, Inc. will post 13.3 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 66.84%.

Analysts Set New Price Targets

PRU has been the subject of several analyst reports. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays assumed coverage on shares of Prudential Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price for the company. Citigroup increased their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Finally, Morgan Stanley decreased their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $123.69.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares in the company, valued at $1,648,705.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Prudential Financial 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.