Prudential Financial, Inc. $PRU Stock Holdings Lowered by Truist Financial Corp

Truist Financial Corp trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 15.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,246 shares of the financial services provider’s stock after selling 46,024 shares during the period. Truist Financial Corp’s holdings in Prudential Financial were worth $25,442,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PRU. Principle Wealth Partners LLC boosted its stake in shares of Prudential Financial by 3.5% during the 3rd quarter. Principle Wealth Partners LLC now owns 43,796 shares of the financial services provider’s stock worth $4,543,000 after acquiring an additional 1,463 shares in the last quarter. AGH Wealth Advisors LLC purchased a new stake in shares of Prudential Financial during the third quarter valued at $207,000. J. Safra Sarasin Holding AG boosted its position in shares of Prudential Financial by 315.3% in the 3rd quarter. J. Safra Sarasin Holding AG now owns 12,082 shares of the financial services provider’s stock valued at $1,253,000 after purchasing an additional 9,173 shares during the period. Paragon Private Wealth Management LLC increased its stake in Prudential Financial by 14.7% in the 3rd quarter. Paragon Private Wealth Management LLC now owns 2,489 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 319 shares in the last quarter. Finally, Bank of Jackson Hole Trust raised its holdings in Prudential Financial by 16.2% during the 3rd quarter. Bank of Jackson Hole Trust now owns 4,112 shares of the financial services provider’s stock worth $427,000 after buying an additional 574 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Up 1.0%

Prudential Financial stock opened at $111.00 on Friday. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $122.34. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The stock has a market cap of $38.85 billion, a P/E ratio of 15.25, a P/E/G ratio of 1.22 and a beta of 0.97. The company’s fifty day simple moving average is $112.77 and its 200-day simple moving average is $107.32.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.72 by $0.54. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The firm had revenue of $17.89 billion during the quarter, compared to analysts’ expectations of $13.77 billion. During the same quarter last year, the firm earned $3.48 earnings per share. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Tuesday, November 18th. Prudential Financial’s payout ratio is currently 74.18%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley raised their target price on shares of Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. Wall Street Zen cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Evercore ISI boosted their target price on shares of Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research note on Thursday, October 30th. Mizuho initiated coverage on Prudential Financial in a research report on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 target price for the company. Finally, Piper Sandler upped their price target on Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $120.78.

Insider Transactions at Prudential Financial

In related news, SVP Timothy L. Schmidt sold 8,000 shares of the 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 transaction, the senior vice president owned 11,535 shares in the company, valued at approximately $1,242,204.15. This represents a 40.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 1,406,739 shares of Prudential Financial stock in a transaction on Friday, January 23rd. The stock was acquired at an average price of $24.87 per share, with a total value of $34,985,598.93. Following the completion of the purchase, the insider directly owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. The trade was a 22.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 62,719 shares of company stock worth $6,796,067. Corporate 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.