Benjamin Edwards Inc. Reduces Position in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Benjamin Edwards Inc. reduced its stake in Prudential Financial, Inc. by 10.2%, selling 2,836 shares, and now holds 25,036 shares valued at approximately $2.8 million.
• Major shareholder Insurance Co Of Ame Prudential acquired 1.68 million shares, increasing their ownership by 112.29%, while insiders currently own 0.25% of the stock.
• Prudential Financial recently reported earnings of $3.58 per share, beating estimates, and announced a quarterly dividend of $1.35, representing a yield of 5.2%.

Benjamin Edwards Inc. lessened its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 10.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,036 shares of the financial services provider's stock after selling 2,836 shares during the period. Benjamin Edwards Inc.'s holdings in Prudential Financial were worth $2,796,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock worth $436,000 after acquiring an additional 133 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new stake in Prudential Financial during the 4th quarter valued at about $579,000. Savvy Advisors Inc. purchased a new stake in Prudential Financial during the 4th quarter valued at about $588,000. SageView Advisory Group LLC lifted its holdings in Prudential Financial by 21.2% in the 4th quarter. SageView Advisory Group LLC now owns 2,812 shares of the financial services provider's stock worth $333,000 after buying an additional 492 shares during the period. Finally, Mariner LLC lifted its holdings in Prudential Financial by 3.7% in the 4th quarter. Mariner LLC now owns 1,476,899 shares of the financial services provider's stock worth $175,051,000 after buying an additional 52,010 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Price Performance

NYSE:PRU traded up $1.94 on Wednesday, reaching $107.16. 1,803,887 shares of the company's stock traded hands, compared to its average volume of 1,804,461. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a 50-day simple moving average of $104.89 and a 200-day simple moving average of $106.58. The firm has a market cap of $37.72 billion, a PE ratio of 23.76, a P/E/G ratio of 0.94 and a beta of 1.07. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. The business had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.47 billion. During the same period last year, the firm earned $3.39 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed 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 of this dividend is Tuesday, August 19th. Prudential Financial's payout ratio is presently 119.73%.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. The trade was a 112.29% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on PRU shares. UBS Group dropped their price objective on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Keefe, Bruyette & Woods reduced their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley reduced their target price on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Piper Sandler reduced their target price on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $121.75.

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.