Commonwealth Equity Services LLC Reduces Position in Prudential Financial, Inc. $PRU

Commonwealth Equity Services LLC decreased its position in Prudential Financial, Inc. (NYSE:PRU) by 7.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 258,194 shares of the financial services provider’s stock after selling 21,640 shares during the period. Commonwealth Equity Services LLC’s holdings in Prudential Financial were worth $26,785,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PRU. Norges Bank purchased a new position in shares of Prudential Financial during the second quarter valued at approximately $122,778,000. Vanguard Group Inc. raised its holdings in Prudential Financial by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock valued at $4,566,432,000 after acquiring an additional 600,482 shares during the last quarter. Nordea Investment Management AB raised its holdings in Prudential Financial by 49.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider’s stock valued at $184,192,000 after acquiring an additional 567,571 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Prudential Financial during the 2nd quarter worth $40,552,000. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Prudential Financial by 209.2% during the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock worth $55,871,000 after purchasing an additional 351,849 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

NYSE:PRU opened at $118.77 on Friday. The firm has a 50-day moving average of $110.72 and a two-hundred day moving average of $106.81. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market cap of $41.57 billion, a P/E ratio of 16.31, a PEG ratio of 0.93 and a beta of 0.97. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $123.88.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The business had revenue of $8.35 billion during the quarter. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. On average, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $5.40 dividend on an annualized basis and a yield of 4.5%. Prudential Financial’s dividend payout ratio (DPR) is currently 74.18%.

Analysts Set New Price Targets

PRU has been the topic of several recent analyst reports. Evercore ISI increased their target price on Prudential Financial from $120.00 to $122.00 and gave the stock an “in-line” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Prudential Financial in a report on Monday, December 29th. Mizuho started coverage on shares of Prudential Financial in a report on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 target price for the company. Piper Sandler increased their price target on shares of Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 23rd. Finally, Morgan Stanley lifted their price target on shares of Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Eleven investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of “Reduce” and a consensus price target of $118.60.

Insider Buying and Selling at Prudential Financial

In related news, SVP Timothy L. Schmidt sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $107.69, for a total value of $861,520.00. Following the sale, the senior vice president owned 11,535 shares of the company’s stock, valued at approximately $1,242,204.15. This trade represents a 40.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Caroline Feeney sold 6,555 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $116.28, for a total value of $762,215.40. Following the completion of the sale, the executive vice president owned 22,523 shares in the company, valued at $2,618,974.44. The trade was a 22.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,719 shares of company stock worth $6,796,067 over the last ninety days. Company insiders own 0.25% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.