Alliancebernstein L.P. Sells 5,972 Shares of Prudential Financial, Inc. $PRU

Key Points

• Alliancebernstein L.P. reduced its stake in Prudential Financial by 1.3%, now owning approximately 457,573 shares worth $51.1 million.
• Prudential Financial’s quarterly earnings surpassed estimates, reporting $3.58 EPS compared to a consensus estimate of $3.22, although revenue was down 2.5% year-over-year.
• Analysts have set varying price targets for Prudential Financial, with JPMorgan Chase raising their target to $136.00, while UBS Group lowered theirs to $110.00.

Alliancebernstein L.P. trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 457,573 shares of the financial services provider's stock after selling 5,972 shares during the period. Alliancebernstein L.P. owned about 0.13% of Prudential Financial worth $51,102,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. SPC Financial Inc. raised its position in Prudential Financial by 2.6% in the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after acquiring an additional 100 shares during the period. NorthCrest Asset Manangement LLC raised its holdings in shares of Prudential Financial by 3.8% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock worth $306,000 after purchasing an additional 101 shares during the period. Principle Wealth Partners LLC raised its stake in shares of Prudential Financial by 0.3% in the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock valued at $4,723,000 after buying an additional 109 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after buying an additional 111 shares during the period. Finally, Northcape Wealth Management LLC raised its stake in shares of Prudential Financial by 5.8% in the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock valued at $235,000 after buying an additional 115 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded up $0.07 during trading on Friday, hitting $107.06. 301,103 shares of the stock traded hands, compared to its average volume of 1,744,287. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a market cap of $37.69 billion, a price-to-earnings ratio of 23.73, a PEG ratio of 0.94 and a beta of 1.07. The firm's fifty day moving average is $105.67 and its 200-day moving average is $105.56. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly 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 15.80%. 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 business earned $3.39 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. Research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRU. Morgan Stanley boosted their price objective on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research note on Monday, August 18th. UBS Group lowered 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 report on Tuesday, May 27th. Barclays boosted their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Wells Fargo & Company decreased their price objective on 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. Finally, JPMorgan Chase & Co. upped their price target on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $122.08.

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.