Prudential Financial, Inc. $PRU Position Reduced by Truist Financial Corp

Truist Financial Corp lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 15.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 245,246 shares of the financial services provider’s stock after selling 46,024 shares during the period. Truist Financial Corp owned 0.07% of Prudential Financial worth $25,442,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Proffitt & Goodson Inc. lifted its holdings in Prudential Financial by 12.7% during the 2nd quarter. Proffitt & Goodson Inc. now owns 871 shares of the financial services provider’s stock worth $94,000 after buying an additional 98 shares during the last quarter. Summit Global Investments lifted its stake in Prudential Financial by 1.3% during the second quarter. Summit Global Investments now owns 7,609 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 100 shares during the last quarter. Woodward Diversified Capital LLC boosted its holdings in Prudential Financial by 1.4% in the third quarter. Woodward Diversified Capital LLC now owns 7,662 shares of the financial services provider’s stock worth $795,000 after purchasing an additional 103 shares during the period. Pitcairn Co. increased its stake in Prudential Financial by 2.7% during the second quarter. Pitcairn Co. now owns 3,973 shares of the financial services provider’s stock valued at $427,000 after purchasing an additional 104 shares during the last quarter. Finally, TIAA Trust National Association raised its holdings in shares of Prudential Financial by 2.7% during the second quarter. TIAA Trust National Association now owns 4,142 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 108 shares during the period. Institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In other Prudential Financial news, Chairman Charles F. Lowrey sold 48,164 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $107.39, for a total value of $5,172,331.96. Following the completion of the sale, the chairman directly owned 165,564 shares in the company, valued at $17,779,917.96. This represents a 22.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the firm’s stock in a transaction on Friday, January 23rd. The shares were purchased at an average cost of $24.87 per share, with a total value of $34,985,598.93. Following the completion of the purchase, the insider owned 7,709,624 shares in the company, valued at $191,738,348.88. This represents a 22.32% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 62,719 shares of company stock valued at $6,796,067 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Prudential Financial Stock Up 1.0%

PRU opened at $111.00 on Friday. The stock’s 50 day moving average price is $112.77 and its 200 day moving average price is $107.32. 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 $38.85 billion, a P/E ratio of 15.25, a P/E/G ratio of 1.22 and a beta of 0.97. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $122.34.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.54. The company had revenue of $17.89 billion during the quarter, compared to analyst estimates of $13.77 billion. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.During the same quarter in the previous year, the firm posted $3.48 EPS. As a group, research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $5.40 annualized dividend and a yield of 4.9%. Prudential Financial’s dividend payout ratio (DPR) is presently 74.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Evercore ISI upped their target price on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a report on Thursday, October 30th. UBS Group increased their price target on Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Piper Sandler upped their price objective on Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 23rd. Finally, Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $120.78.

Prudential Financial Company Profile

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.