Allstate Corp Sells 15,309 Shares of Prudential Financial, Inc. $PRU

Allstate Corp trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 38.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,190 shares of the financial services provider's stock after selling 15,309 shares during the period. Allstate Corp's holdings in Prudential Financial were worth $2,611,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PRU. Jessup Wealth Management Inc purchased a new stake in Prudential Financial during the fourth quarter valued at approximately $25,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Prudential Financial in the 4th quarter worth approximately $26,000. SJS Investment Consulting Inc. increased its position in shares of Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 134 shares during the last quarter. Coston McIsaac & Partners increased its position in shares of Prudential Financial by 93.4% during the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 128 shares during the last quarter. Finally, Basepoint Wealth LLC purchased a new stake in Prudential Financial during the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Transactions at Prudential Financial

In other news, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the transaction, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.05% of the company's stock.

Prudential Financial Stock Up 0.0%

NYSE:PRU opened at $121.21 on Monday. The company has a market cap of $41.82 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 2.29 and a beta of 0.84. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $127.72. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $116.66 and a 200-day simple moving average of $105.67.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period in the previous year, the company earned $3.58 EPS. Analysts anticipate that Prudential Financial, Inc. will post 14.24 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial's dividend payout ratio is presently 50.72%.

Analysts Set New Price Targets

Several research firms have commented on PRU. Weiss Ratings raised shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their target price on shares of Prudential Financial from $103.00 to $110.00 and gave the company an "underweight" rating in a research note on Wednesday, August 19th. Jefferies Financial Group raised their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Argus downgraded shares of Prudential Financial from a "buy" rating to a "hold" rating in a report on Tuesday, June 9th. Finally, Mizuho increased their price objective on shares of Prudential Financial from $101.00 to $109.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $108.31.

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.

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