CX Institutional Sells 40,100 Shares of Prudential Financial, Inc. (NYSE:PRU)

CX Institutional lowered its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 91.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,624 shares of the financial services provider's stock after selling 40,100 shares during the quarter. CX Institutional's holdings in Prudential Financial were worth $405,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Handelsbanken Fonder AB increased its stake in shares of Prudential Financial by 5.8% during the first quarter. Handelsbanken Fonder AB now owns 69,561 shares of the financial services provider's stock valued at $7,769,000 after buying an additional 3,811 shares during the period. Accurate Wealth Management LLC increased its stake in shares of Prudential Financial by 15.8% during the first quarter. Accurate Wealth Management LLC now owns 7,802 shares of the financial services provider's stock valued at $871,000 after buying an additional 1,064 shares during the period. GAMMA Investing LLC increased its stake in shares of Prudential Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 7,771 shares of the financial services provider's stock valued at $868,000 after buying an additional 145 shares during the period. International Private Wealth Advisors LLC increased its stake in shares of Prudential Financial by 6.8% during the first quarter. International Private Wealth Advisors LLC now owns 3,218 shares of the financial services provider's stock valued at $359,000 after buying an additional 205 shares during the period. Finally, Tounjian Advisory Partners LLC purchased a new position in shares of Prudential Financial during the first quarter valued at approximately $1,492,000. Institutional investors own 56.83% of the company's stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the stock in a transaction dated Tuesday, March 25th. The shares were purchased at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Stock Down 1.9%

Prudential Financial stock traded down $2.02 during mid-day trading on Friday, hitting $102.88. The company had a trading volume of 1,358,187 shares, compared to its average volume of 1,644,049. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock's 50 day moving average price is $103.03 and its two-hundred day moving average price is $111.17. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The company has a market capitalization of $36.42 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping 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 business had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. During the same period in the previous year, the company posted $3.12 earnings per share. The company's revenue for the quarter was down 38.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 dividend yield of 5.25%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's payout ratio is currently 85.58%.

Wall Street Analysts Forecast Growth

PRU has been the topic of several research analyst reports. Morgan Stanley boosted their target price on Prudential Financial from $108.00 to $117.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Wells Fargo & Company upped their price target on Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Wall Street Zen cut Prudential Financial from a "hold" rating to a "sell" rating in a research note on Sunday, June 8th. Piper Sandler reduced their price target on Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, ten have assigned 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, the stock currently has a consensus rating of "Hold" and an average price target of $120.15.

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.