Victory Capital Management Inc. Sells 256,683 Shares of Prudential Financial, Inc. (NYSE:PRU)

Victory Capital Management Inc. reduced its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 44.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 315,427 shares of the financial services provider's stock after selling 256,683 shares during the period. Victory Capital Management Inc. owned about 0.09% of Prudential Financial worth $35,227,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its stake in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 133 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Prudential Financial during the 4th quarter valued at $253,000. iA Global Asset Management Inc. grew its stake in shares of Prudential Financial by 291.5% during the fourth quarter. iA Global Asset Management Inc. now owns 6,809 shares of the financial services provider's stock worth $807,000 after purchasing an additional 5,070 shares during the period. Whittier Trust Co. boosted its holdings in Prudential Financial by 8.2% during the fourth quarter. Whittier Trust Co. now owns 4,140 shares of the financial services provider's stock worth $491,000 after buying an additional 314 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Prudential Financial by 24.0% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 3,857 shares of the financial services provider's stock valued at $457,000 after acquiring an additional 747 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent analyst reports. UBS Group lowered their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Wells Fargo & Company dropped their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. Piper Sandler dropped their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Barclays upped their target price 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. Finally, Wall Street Zen cut Prudential Financial from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $121.75.

Prudential Financial Stock Performance

Shares of PRU stock traded down $0.99 during trading on Thursday, reaching $104.36. 1,285,422 shares of the company's stock were exchanged, compared to its average volume of 1,393,040. The firm's fifty day moving average price is $105.08 and its 200-day moving average price is $108.00. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The stock has a market capitalization of $36.94 billion, a PE ratio of 16.54, a PEG ratio of 1.04 and a beta of 1.07. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. Prudential Financial's quarterly revenue was down 38.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.12 EPS. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial's dividend payout ratio (DPR) is currently 85.58%.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average cost of $28.64 per share, with a total value 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 $90,744,723.04. This represents a 112.29% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.25% of the company's stock.

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.