Douglas Lane & Associates LLC Sells 80,176 Shares of Prudential Financial, Inc. (NYSE:PRU)

Douglas Lane & Associates LLC decreased its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 21.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 298,413 shares of the financial services provider's stock after selling 80,176 shares during the quarter. Douglas Lane & Associates LLC owned about 0.08% of Prudential Financial worth $33,327,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRU. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial in the 4th quarter valued at about $29,000. CGC Financial Services LLC lifted its position in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock worth $33,000 after acquiring an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new stake in shares of Prudential Financial during the fourth quarter worth approximately $33,000. Hopwood Financial Services Inc. acquired a new position in shares of Prudential Financial in the fourth quarter valued at approximately $34,000. Finally, Lee Danner & Bass Inc. acquired a new stake in Prudential Financial during the 4th quarter worth approximately $35,000. Institutional investors own 56.83% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PRU. UBS Group lowered their price objective on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. JPMorgan Chase & Co. lowered their target price on shares of Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Wells Fargo & Company boosted their price target on Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods dropped their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Finally, Piper Sandler cut 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. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and an average price target of $120.15.

Prudential Financial Price Performance

Shares of NYSE:PRU traded up $0.28 during trading on Thursday, hitting $104.06. 405,416 shares of the company were exchanged, compared to its average volume of 1,847,582. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a market capitalization of $36.84 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The business's 50 day moving average is $102.92 and its 200-day moving average is $112.24.

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

Prudential Financial Announces Dividend

The firm also recently announced 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 is Tuesday, May 20th. This represents a $5.40 annualized dividend and a yield of 5.19%. Prudential Financial's dividend payout ratio is presently 85.58%.

Insiders Place Their Bets

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

Prudential Financial Profile

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.