Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 71.2% during the 1st quarter, according to the company in its most recent Form 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 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Savant Capital LLC boosted its stake in shares of Prudential Financial by 0.6% during the 4th quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider's stock worth $1,705,000 after acquiring an additional 83 shares in the last quarter. HBK Sorce Advisory LLC raised its position in shares of Prudential Financial by 1.0% during the 4th quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider's stock worth $1,116,000 after purchasing an additional 91 shares during the last quarter. Asset Dedication LLC raised its position in shares of Prudential Financial by 28.4% during the 4th quarter. Asset Dedication LLC now owns 420 shares of the financial services provider's stock worth $50,000 after purchasing an additional 93 shares during the last quarter. Altman Advisors Inc. raised its position in shares of Prudential Financial by 0.6% during the 4th quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider's stock worth $1,907,000 after purchasing an additional 94 shares during the last quarter. Finally, RNC Capital Management LLC grew its stake in Prudential Financial by 3.3% during the 4th quarter. RNC Capital Management LLC now owns 2,990 shares of the financial services provider's stock valued at $354,000 after acquiring an additional 95 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was acquired at an average price of $28.52 per share, for a total transaction 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. The trade was a 60.18% increase in their position. The disclosure for this purchase can be found here. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Morgan Stanley increased their price target on Prudential Financial from $108.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Wells Fargo & Company lifted their price target on Prudential Financial from $108.00 to $113.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Keefe, Bruyette & Woods cut their price objective on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. Piper Sandler decreased their target price on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Finally, Barclays dropped their price target on shares of 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 analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $120.15.

Prudential Financial Trading Up 0.3%

Shares of PRU stock traded up $0.27 on Wednesday, hitting $104.69. The stock had a trading volume of 492,109 shares, compared to its average volume of 1,638,746. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a market capitalization of $37.06 billion, a P/E ratio of 14.01, 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's 50 day moving average price is $103.04 and its 200-day moving average price is $112.30.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $14.76 billion. During the same quarter in the prior year, the business earned $3.12 EPS. Prudential Financial's revenue was down 38.2% on a year-over-year basis. Analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th will be issued a dividend of $1.35 per share. The ex-dividend date is Tuesday, May 20th. This represents a $5.40 annualized dividend and a yield of 5.16%. Prudential Financial's dividend payout ratio (DPR) is 85.58%.

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.