Cary Street Partners Financial LLC Invests $4.01 Million in Prudential Financial, Inc. (NYSE:PRU)

Cary Street Partners Financial LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 33,854 shares of the financial services provider's stock, valued at approximately $4,013,000.

Several other hedge funds have also added to or reduced their stakes in PRU. Grove Bank & Trust raised its stake in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC bought a new position in Prudential Financial in the 4th quarter worth approximately $29,000. CGC Financial Services LLC grew its stake in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock valued at $33,000 after buying an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial during the fourth quarter worth $33,000. Finally, Hopwood Financial Services Inc. bought a new position in shares of Prudential Financial in the fourth quarter worth $34,000. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Down 0.1 %

Prudential Financial stock traded down $0.06 during midday trading on Friday, reaching $103.55. The company's stock had a trading volume of 1,010,836 shares, compared to its average volume of 1,615,114. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market capitalization of $36.66 billion, a P/E ratio of 13.86, a PEG ratio of 0.98 and a beta of 1.07. The stock's 50-day simple moving average is $104.89 and its 200-day simple moving average is $114.61.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. The firm had revenue of $13.61 billion during the quarter, compared to analysts' expectations of $14.76 billion. Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. The firm's revenue was down 38.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.12 earnings per share. On average, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Tuesday, May 20th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $5.40 annualized dividend and a dividend yield of 5.21%. Prudential Financial's dividend payout ratio (DPR) is presently 85.58%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays reduced their price objective on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating for the company in a research note on Friday, April 11th. Wells Fargo & Company increased their price objective on Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Piper Sandler reduced their target price on Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. JPMorgan Chase & Co. lowered their price target on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Finally, BMO Capital Markets began coverage on shares of Prudential Financial in a research note on Thursday, January 23rd. They issued an "underperform" rating and a $101.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $121.92.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was purchased at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the acquisition, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This trade represents a 60.18 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

About Prudential Financial

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.