Pacer Advisors Inc. Sells 28,899 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Pacer Advisors Inc. reduced its stake in Prudential Financial by 61.5%, selling 28,899 shares and holding 18,124 shares valued at approximately $2 million.
• Notable insider transactions include the Insurance Co Of Ame Prudential purchasing over 1.67 million shares at an average price of $28.64, increasing its position by 112.29%.
• Prudential Financial shares recently traded down 1.5% to $101.84, with a market capitalization of $36.05 billion and a reported dividend yield of 5.30% following a declared quarterly dividend of $1.35 per share.

Pacer Advisors Inc. lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 61.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,124 shares of the financial services provider's stock after selling 28,899 shares during the period. Pacer Advisors Inc.'s holdings in Prudential Financial were worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. North Capital Inc. acquired a new stake in shares of Prudential Financial in the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Prudential Financial in the 1st quarter valued at about $30,000. Park Place Capital Corp grew its stake in shares of Prudential Financial by 1,841.2% in the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock valued at $37,000 after buying an additional 313 shares during the period. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at about $38,000. Finally, Rossby Financial LCC acquired a new position in Prudential Financial during the 1st quarter valued at about $39,000. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Down 2.8%

Shares of PRU stock traded down $2.94 on Friday, reaching $100.64. 2,467,747 shares of the stock were exchanged, compared to its average volume of 1,787,886. 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 business's 50 day moving average price is $104.93 and its 200 day moving average price is $107.52. The company has a market capitalization of $35.63 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 1.00 and a beta of 1.07. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.90%. The business had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. During the same period in the prior year, the company earned $3.39 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company 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 was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.4%. Prudential Financial's dividend payout ratio (DPR) is 85.58%.

Analyst Ratings Changes

PRU has been the subject of a number of analyst reports. UBS Group cut their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Wall Street Zen cut shares of Prudential Financial from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Piper Sandler dropped their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Wells Fargo & Company dropped their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of "Hold" and a consensus price target of $121.75.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the acquisition, the insider owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. The trade was a 112.29% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company's stock.

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.