Cary Street Partners Financial LLC Trims Stock Holdings in Prudential Financial, Inc. $PRU

Cary Street Partners Financial LLC lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 38.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,440 shares of the financial services provider’s stock after selling 16,055 shares during the period. Cary Street Partners Financial LLC’s holdings in Prudential Financial were worth $2,872,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Summit Global Investments lifted its holdings in shares of Prudential Financial by 71.1% during the 3rd quarter. Summit Global Investments now owns 13,021 shares of the financial services provider’s stock valued at $1,351,000 after purchasing an additional 5,412 shares during the last quarter. VCI Wealth Management LLC lifted its holdings in shares of Prudential Financial by 117.1% during the 4th quarter. VCI Wealth Management LLC now owns 19,292 shares of the financial services provider’s stock valued at $2,178,000 after purchasing an additional 10,404 shares during the last quarter. KBC Group NV raised its holdings in shares of Prudential Financial by 94.3% in the fourth quarter. KBC Group NV now owns 157,538 shares of the financial services provider’s stock worth $17,783,000 after buying an additional 76,461 shares during the last quarter. Machina Capital S.A.S. purchased a new position in shares of Prudential Financial in the third quarter worth $1,285,000. Finally, Varma Mutual Pension Insurance Co raised its holdings in shares of Prudential Financial by 22.0% in the third quarter. Varma Mutual Pension Insurance Co now owns 108,839 shares of the financial services provider’s stock worth $11,291,000 after buying an additional 19,600 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

NYSE:PRU opened at $101.41 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The company has a fifty day moving average of $98.42 and a two-hundred day moving average of $104.53. The stock has a market capitalization of $35.19 billion, a PE ratio of 10.43, a P/E/G ratio of 1.86 and a beta of 0.86. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $119.76.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The company had revenue of $15.23 billion during the quarter, compared to analysts’ expectations of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same period in the prior year, the business posted $3.29 earnings per share. As a group, research analysts forecast that Prudential Financial, Inc. will post 13.84 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.5%. Prudential Financial’s dividend payout ratio is presently 57.61%.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRU shares. Zacks Research cut shares of Prudential Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 29th. Wells Fargo & Company raised their price target on shares of Prudential Financial from $93.00 to $100.00 and gave the stock an “underweight” rating in a report on Tuesday, May 12th. Mizuho raised their price target on shares of Prudential Financial from $96.00 to $101.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. BMO Capital Markets decreased their price target on shares of Prudential Financial from $91.00 to $87.00 and set an “underperform” rating for the company in a report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock a “market perform” rating in a report on Wednesday, May 13th. Nine research analysts have rated the stock with a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $101.50.

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.