Webster Bank N. A. Trims Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Webster Bank N. A. lessened its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 75.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,779 shares of the financial services provider's stock after selling 8,769 shares during the quarter. Webster Bank N. A.'s holdings in Prudential Financial were worth $310,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. increased its holdings in shares of Prudential Financial by 1.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 205,595 shares of the financial services provider's stock worth $24,369,000 after purchasing an additional 3,235 shares during the last quarter. Capital Advisors Inc. OK grew its holdings in Prudential Financial by 5.1% during the 4th quarter. Capital Advisors Inc. OK now owns 262,238 shares of the financial services provider's stock valued at $31,083,000 after buying an additional 12,644 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in Prudential Financial in the 4th quarter worth approximately $2,897,000. Roxbury Financial LLC bought a new position in shares of Prudential Financial during the 4th quarter valued at approximately $1,965,000. Finally, Lecap Asset Management Ltd. purchased a new position in shares of Prudential Financial in the fourth quarter valued at $874,000. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler lowered their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Barclays decreased their target price on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a research report on Friday, April 11th. UBS Group dropped their price target on 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 raised their price objective on Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. cut their target price on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $120.15.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the acquisition, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was 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 directly owns 27,072 shares of the company's stock, valued at approximately $2,869,090.56. The trade was 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 corporate insiders.

Prudential Financial Trading Up 0.3%

Shares of NYSE PRU traded up $0.27 during mid-day trading on Wednesday, reaching $104.69. The company had a trading volume of 492,109 shares, compared to its average volume of 1,638,741. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The business's 50-day moving average is $103.04 and its 200-day moving average is $112.30. The stock has a market cap of $37.06 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping 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 4.01% and a return on equity of 15.86%. The company's quarterly revenue was down 38.2% compared to the same quarter last year. During the same period last year, the company posted $3.12 earnings per share. Equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, May 20th. Prudential Financial's payout ratio is 85.58%.

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.