Envestnet Asset Management Inc. Decreases Holdings in Prudential Financial, Inc. (NYSE:PRU)

Envestnet Asset Management Inc. cut its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 19.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 796,940 shares of the financial services provider's stock after selling 190,871 shares during the period. Envestnet Asset Management Inc. owned approximately 0.22% of Prudential Financial worth $89,002,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in shares of Prudential Financial by 20.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 3,433 shares of the financial services provider's stock worth $383,000 after purchasing an additional 590 shares during the period. McGlone Suttner Wealth Management Inc. lifted its position in shares of Prudential Financial by 15.1% in the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 7,763 shares of the financial services provider's stock worth $867,000 after purchasing an additional 1,020 shares during the period. Concurrent Investment Advisors LLC lifted its position in shares of Prudential Financial by 8.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 14,516 shares of the financial services provider's stock worth $1,621,000 after purchasing an additional 1,151 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Prudential Financial in the 1st quarter worth approximately $181,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Prudential Financial in the 1st quarter worth approximately $42,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction that occurred on 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 owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

PRU has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Thursday. Piper Sandler reduced their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Barclays boosted their price objective on shares of Prudential Financial from $109.00 to $119.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Wall Street Zen lowered shares of Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Finally, UBS Group reduced their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and an average target price of $121.85.

Prudential Financial Stock Performance

Shares of PRU stock traded down $0.40 during trading hours on Monday, hitting $105.54. The company's stock had a trading volume of 1,403,190 shares, compared to its average volume of 1,663,285. The company has a 50 day moving average of $105.23 and a 200 day moving average of $108.79. The stock has a market cap of $37.36 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.01 and a beta of 1.07. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65. 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 released its quarterly earnings data 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. The business had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The business's revenue for the quarter was down 38.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.12 EPS. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's dividend payout ratio (DPR) is presently 85.58%.

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.