Summit Global Investments Sells 18,536 Shares of Prudential Financial, Inc. (NYSE:PRU)

Summit Global Investments decreased its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 71.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,509 shares of the financial services provider's stock after selling 18,536 shares during the quarter. Summit Global Investments' holdings in Prudential Financial were worth $839,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Centricity Wealth Management LLC acquired a new position in Prudential Financial during the 4th quarter valued at about $29,000. CGC Financial Services LLC raised its stake in shares of Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock worth $33,000 after buying an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new position in Prudential Financial in the fourth quarter valued at approximately $33,000. Hopwood Financial Services Inc. acquired a new stake in Prudential Financial during the 4th quarter worth $34,000. Finally, Lee Danner & Bass Inc. bought a new stake in shares of Prudential Financial during the 4th quarter valued at $35,000. Institutional investors own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday. Keefe, Bruyette & Woods decreased their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. Wells Fargo & Company lifted their price objective on Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. decreased their price objective on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays decreased their price objective on Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating for the company in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $120.15.

Prudential Financial Stock Down 0.3%

Shares of Prudential Financial stock traded down $0.32 during trading on Monday, reaching $103.57. 1,441,029 shares of the company traded hands, compared to its average volume of 1,640,522. The firm has a market capitalization of $36.66 billion, a PE ratio of 13.86, a P/E/G ratio of 0.98 and a beta of 1.07. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a 50 day moving average price of $103.48 and a 200-day moving average price of $112.52. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.18 by $0.11. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The company had revenue of $13.61 billion for the quarter, compared to analysts' expectations of $14.76 billion. During the same period last year, the business earned $3.12 EPS. Prudential Financial's quarterly revenue was down 38.2% compared to the same quarter last year. As a group, equities research 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 will be paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $5.40 annualized dividend and a dividend yield of 5.21%. Prudential Financial's dividend payout ratio is currently 85.58%.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was bought at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company's stock, valued at approximately $2,869,090.56. This trade represents a 18.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company 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.