Cary Street Partners Financial LLC Boosts Holdings in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Cary Street Partners Financial LLC increased its stake in Prudential Financial by 7.2% during the first quarter, now holding shares worth approximately $4,052,000.
• Prudential Financial recently reported $3.58 EPS for the quarter, exceeding expectations and indicating a decrease in revenue by 2.5% year-over-year.
• The company will distribute a quarterly dividend of $1.35 per share, translating to an annualized yield of 5.2% and a dividend payout ratio of 119.73%.

Cary Street Partners Financial LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 7.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 36,286 shares of the financial services provider's stock after purchasing an additional 2,432 shares during the quarter. Cary Street Partners Financial LLC's holdings in Prudential Financial were worth $4,052,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its holdings in Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 111 shares in the last quarter. North Capital Inc. bought a new stake in shares of Prudential Financial during the 1st quarter valued at about $28,000. Cheviot Value Management LLC purchased a new position in shares of Prudential Financial during the first quarter valued at about $26,000. Clearstead Trust LLC raised its stake in Prudential Financial by 350.8% in the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after buying an additional 207 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in Prudential Financial in the first quarter worth about $30,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Performance

Shares of NYSE PRU traded up $2.13 during midday trading on Friday, hitting $102.81. 127,605 shares of the stock traded hands, compared to its average volume of 1,779,561. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The firm has a market capitalization of $36.19 billion, a P/E ratio of 22.79, a PEG ratio of 0.95 and a beta of 1.07. The firm has a 50-day moving average of $104.82 and a two-hundred day moving average of $106.94.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 posted $3.39 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PRU shares. Morgan Stanley decreased their target price on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Barclays raised their price objective on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. UBS Group cut their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Finally, Piper Sandler lowered their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and a consensus price target of $121.75.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 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 transaction, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.