Prudential Financial, Inc. $PRU Shares Sold by Perigon Wealth Management LLC

Key Points

• Perigon Wealth Management LLC significantly reduced its stake in Prudential Financial by 84.6% during the second quarter, leaving it with 6,427 shares valued at $691,000.
• Prudential Financial recently declared a quarterly dividend of $1.35, representing a 5.2% yield with a dividend payout ratio of 119.73%.
• Prudential Financial reported earnings of $3.58 per share for the last quarter, exceeding estimates, but experienced a 2.5% decline in quarterly revenue compared to the previous year.

Perigon Wealth Management LLC trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 84.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,427 shares of the financial services provider's stock after selling 35,370 shares during the period. Perigon Wealth Management LLC's holdings in Prudential Financial were worth $691,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. SPC Financial Inc. increased its holdings in Prudential Financial by 2.6% during the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock valued at $444,000 after acquiring an additional 100 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in Prudential Financial by 3.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after acquiring an additional 101 shares in the last quarter. Thrive Wealth Management LLC increased its holdings in Prudential Financial by 2.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider's stock valued at $430,000 after acquiring an additional 101 shares in the last quarter. Principle Wealth Partners LLC increased its holdings in Prudential Financial by 0.3% during the 1st quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock valued at $4,723,000 after acquiring an additional 109 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Prudential Financial by 90.2% during the 1st 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. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $109.65, for a total value of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

PRU opened at $104.36 on Monday. The company's 50 day simple moving average is $105.28 and its 200 day simple moving average is $105.03. 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 1 year low of $90.38 and a 1 year high of $130.55. The stock has a market capitalization of $36.73 billion, a PE ratio of 23.14, a P/E/G ratio of 0.92 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released 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 net margin of 2.75% and a return on equity of 15.80%. 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 company earned $3.39 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were issued a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.2%. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays raised their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wells Fargo & Company decreased their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Monday, August 18th. JPMorgan Chase & Co. raised their price target 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. Finally, Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $122.08.

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.

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