Advisors Asset Management Inc. Cuts Position in Prudential Financial, Inc. $PRU

Advisors Asset Management Inc. lowered its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 16.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,897 shares of the financial services provider’s stock after selling 4,366 shares during the quarter. Advisors Asset Management Inc.’s holdings in Prudential Financial were worth $2,460,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after buying an additional 111 shares in the last quarter. AlphaQuest LLC increased its holdings in Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Cheviot Value Management LLC acquired a new position in Prudential Financial during the first quarter worth $26,000. Clearstead Trust LLC lifted its holdings in Prudential Financial by 350.8% during the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 207 shares in the last quarter. Finally, AlphaCore Capital LLC acquired a new stake in shares of Prudential Financial in the second quarter valued at about $39,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the sale, the chairman owned 165,564 shares of the company’s stock, valued at approximately $17,779,917.96. The trade was a 22.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Stock Performance

NYSE PRU opened at $108.81 on Friday. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.39. The firm has a market capitalization of $38.08 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 0.88 and a beta of 1.05. The stock’s fifty day moving average is $103.94 and its two-hundred day moving average is $104.88. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $3.58 EPS for the quarter. Prudential Financial had a return on equity of 16.98% and a net margin of 4.65%.The business had revenue of $8.35 billion for the quarter. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, November 18th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. Prudential Financial’s dividend payout ratio is 74.18%.

Analyst Ratings Changes

Several research firms recently weighed in on PRU. Barclays reduced their price target on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen raised Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Wolfe Research assumed coverage on Prudential Financial in a research note on Tuesday, September 16th. They issued a “peer perform” rating on the stock. Morgan Stanley boosted their price target on Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average target price of $119.50.

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.