Prudential Financial, Inc. (NYSE:PRU) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 20.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,408 shares of the financial services provider's stock after selling 2,905 shares during the quarter. DAVENPORT & Co LLC's holdings in Prudential Financial were worth $1,274,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRU. Brighton Jones LLC grew its position in shares of Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 133 shares in the last quarter. Assetmark Inc. grew its position in shares of Prudential Financial by 64.0% in the fourth quarter. Assetmark Inc. now owns 1,684 shares of the financial services provider's stock valued at $200,000 after purchasing an additional 657 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $253,000. Raymond James Financial Inc. acquired a new position in Prudential Financial in the fourth quarter valued at approximately $76,303,000. Finally, Inceptionr LLC acquired 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 Stock Up 0.9%

Prudential Financial stock traded up $0.94 during midday trading on Friday, reaching $109.60. The company's stock had a trading volume of 732,327 shares, compared to its average volume of 1,660,971. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65. The company has a market cap of $38.80 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.04 and a beta of 1.07. The business has a 50-day simple moving average of $104.87 and a 200-day simple moving average of $109.26.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same quarter last year, the company posted $3.12 earnings per share. The business's quarterly revenue was down 38.2% compared to the same quarter last year. On average, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business 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 dividend yield of 4.93%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial's dividend payout ratio is currently 85.58%.

Analyst Ratings Changes

A number of research analysts have commented on PRU shares. Morgan Stanley upped their price target on Prudential Financial from $108.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. decreased their price target on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Wall Street Zen cut Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday. UBS Group reduced their price objective on 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, Piper Sandler reduced their price objective 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. Two equities research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $120.15.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the transaction, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The purchase 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 corporate insiders.

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.