Richard Bernstein Advisors LLC Has $1.05 Million Stake in Prudential Financial, Inc. $PRU

Key Points

• Richard Bernstein Advisors cut its Prudential stake by 58.3%, selling 14,114 shares and leaving a holding of 10,108 shares worth about $1.049 million per its latest SEC filing.
• Prudential raised its quarterly dividend to $1.40 (annualized $5.60), implying a ~5.9% yield with an ex-dividend date of Feb. 17 and payment on March 12.
• Analyst sentiment is muted to negative: MarketBeat shows a consensus "Reduce" (1 Buy, 8 Hold, 2 Sell) with an average target of $115, and the firm slightly missed quarterly EPS ($3.30 vs. $3.37 estimate).

Richard Bernstein Advisors LLC trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 58.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,108 shares of the financial services provider's stock after selling 14,114 shares during the quarter. Richard Bernstein Advisors LLC's holdings in Prudential Financial were worth $1,049,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Prudential Financial by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider's stock valued at $4,566,432,000 after buying an additional 600,482 shares during the period. Geode Capital Management LLC increased its position in shares of Prudential Financial by 1.8% during the second quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider's stock valued at $1,010,474,000 after acquiring an additional 163,874 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Prudential Financial by 2.4% in the 3rd quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider's stock worth $280,214,000 after buying an additional 62,366 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Prudential Financial by 1.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,408,942 shares of the financial services provider's stock valued at $258,817,000 after acquiring an additional 31,088 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Prudential Financial by 1.9% in the third quarter. Nordea Investment Management AB now owns 1,752,952 shares of the financial services provider's stock valued at $180,344,000 after purchasing an additional 32,171 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on PRU. Wells Fargo & Company downgraded shares of Prudential Financial from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $115.00 to $103.00 in a report on Wednesday, February 25th. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 12th. Piper Sandler upped their target price on Prudential Financial from $110.00 to $120.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 23rd. Wall Street Zen downgraded shares of Prudential Financial from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. Finally, UBS Group raised their target price on shares of Prudential Financial from $111.00 to $116.00 and gave the stock a "neutral" rating in a report on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has a consensus rating of "Reduce" and an average target price of $115.00.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $95.42 on Wednesday. The firm has a market cap of $33.21 billion, a P/E ratio of 9.54, a PEG ratio of 1.11 and a beta of 0.98. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $119.76. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a 50 day moving average of $106.97 and a 200 day moving average of $106.89.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 EPS for the quarter, missing analysts' consensus estimates of $3.37 by ($0.07). Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.The business had revenue of $14.52 billion during the quarter, compared to the consensus estimate of $14.48 billion. During the same period in the previous year, the business posted $2.96 EPS. As a group, research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, February 17th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 5.9%. The ex-dividend date is Tuesday, February 17th. This is a positive change from Prudential Financial's previous quarterly dividend of $1.35. Prudential Financial's dividend payout ratio is 56.00%.

Insiders Place Their Bets

In related news, Director Thomas D. Stoddard bought 250 shares of the stock in a transaction on Tuesday, February 17th. The shares were acquired at an average price of $102.97 per share, for a total transaction of $25,742.50. Following the purchase, the director owned 250 shares of the company's stock, valued at approximately $25,742.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph J. Wolk purchased 400 shares of the company's stock in a transaction dated Wednesday, February 11th. The shares were bought at an average cost of $105.32 per share, for a total transaction of $42,128.00. Following the acquisition, the director owned 400 shares in the company, valued at approximately $42,128. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,408,389 shares of company stock worth $35,154,439 in the last quarter. Insiders own 0.25% of the company's stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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