Atlas Capital Advisors Inc. Sells 2,984 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Atlas Capital Advisors Inc. sold 2,984 shares of Prudential Financial, reducing its holdings by 61.0% in the first quarter, leaving them with 1,910 shares valued at $213,000.
• Major shareholder Insurance Co Of America significantly increased its stake by purchasing 1,675,978 shares, raising its ownership by 112.29% and valuing its total holdings at approximately $90.7 million.
• Prudential Financial reported $3.58 earnings per share for the last quarter, exceeding analyst expectations, while the firm announced a quarterly dividend of $1.35, resulting in a yield of 5.2%.

Atlas Capital Advisors Inc. trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 61.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,910 shares of the financial services provider's stock after selling 2,984 shares during the quarter. Atlas Capital Advisors Inc.'s holdings in Prudential Financial were worth $213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in Prudential Financial by 23.7% in the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after buying an additional 897,916 shares during the period. GAMMA Investing LLC increased its position in Prudential Financial by 11,280.3% during the 1st quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock valued at $96,923,000 after purchasing an additional 860,239 shares during the period. Goldman Sachs Group Inc. raised its holdings in Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after purchasing an additional 678,028 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Prudential Financial by 322.9% in the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock worth $84,287,000 after purchasing an additional 542,964 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Prudential Financial by 11.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock valued at $404,230,000 after purchasing an additional 352,335 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. Morgan Stanley dropped their price target on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Barclays increased their price objective on Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. raised their price objective on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $121.75.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Stock Up 1.8%

Prudential Financial stock traded up $1.94 during mid-day trading on Wednesday, hitting $107.16. The company had a trading volume of 1,803,887 shares, compared to its average volume of 1,804,461. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock's 50 day moving average price is $104.82 and its two-hundred day moving average price is $106.58. The company has a market capitalization of $37.72 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. The company had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. Prudential Financial's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.39 EPS. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.0%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

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.