DAVENPORT & Co LLC Sells 2,905 Shares of Prudential Financial, Inc. (NYSE:PRU)

DAVENPORT & Co LLC lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 20.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,408 shares of the financial services provider's stock after selling 2,905 shares during the period. DAVENPORT & Co LLC's holdings in Prudential Financial were worth $1,274,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PRU. Brighton Jones LLC raised its stake in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock worth $436,000 after purchasing an additional 133 shares in the last quarter. Assetmark Inc. increased its holdings in Prudential Financial by 64.0% in the 4th quarter. Assetmark Inc. now owns 1,684 shares of the financial services provider's stock valued at $200,000 after buying an additional 657 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Prudential Financial during the 4th quarter worth approximately $253,000. Raymond James Financial Inc. acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $76,303,000. Finally, Inceptionr LLC bought a new position in Prudential Financial in the fourth quarter valued at approximately $249,000. Institutional investors and hedge funds own 56.83% of the company's stock.

Prudential Financial Trading Down 2.4%

PRU traded down $2.60 during trading on Monday, reaching $106.48. 1,402,009 shares of the company's stock were exchanged, compared to its average volume of 1,659,935. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $37.69 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. The firm has a fifty day moving average price of $104.87 and a two-hundred day moving average price of $109.22.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same period in the prior year, the firm posted $3.12 EPS. The company's quarterly revenue was down 38.2% on a year-over-year basis. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.07%. Prudential Financial's payout ratio is presently 85.58%.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the transaction, the insider directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays raised their target price on Prudential Financial from $109.00 to $119.00 and gave the company an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. decreased their target price 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. Morgan Stanley increased their target price on shares of Prudential Financial from $108.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. UBS Group reduced their price target on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company lifted their price target on shares of Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and an average target price of $121.15.

Prudential Financial Company 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.