Gateway Investment Advisers LLC Sells 5,403 Shares of Prudential Financial, Inc. (NYSE:PRU)

Gateway Investment Advisers LLC decreased its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,595 shares of the financial services provider's stock after selling 5,403 shares during the quarter. Gateway Investment Advisers LLC's holdings in Prudential Financial were worth $1,853,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Prudential Financial by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider's stock valued at $4,960,547,000 after purchasing an additional 220,671 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Prudential Financial by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider's stock valued at $1,050,635,000 after purchasing an additional 193,681 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Prudential Financial by 23.7% during the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock valued at $555,513,000 after purchasing an additional 897,916 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Prudential Financial by 11.5% during the fourth 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 during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Prudential Financial by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider's stock valued at $290,906,000 after purchasing an additional 6,938 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was purchased at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the purchase, the insider now directly owns 139,987 shares in the company, valued at $3,992,429.24. This trade represents a 60.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PRU shares. UBS Group reduced their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Wells Fargo & Company upped their price target on Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price target on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Finally, Piper Sandler dropped their price target on Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $120.15.

Prudential Financial Stock Down 1.4%

PRU stock traded down $1.46 during mid-day trading on Wednesday, hitting $104.63. The stock had a trading volume of 2,249,042 shares, compared to its average volume of 1,643,264. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a fifty day moving average of $102.69 and a 200 day moving average of $111.51. The stock has a market capitalization of $37.04 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.12 EPS. On average, equities analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date is Tuesday, May 20th. Prudential Financial's dividend payout ratio is 85.58%.

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.