Cresset Asset Management LLC Has $1.65 Million Stake in Prudential Financial, Inc. (NYSE:PRU)

Cresset Asset Management LLC reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 62.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,905 shares of the financial services provider's stock after selling 23,457 shares during the period. Cresset Asset Management LLC's holdings in Prudential Financial were worth $1,648,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Prudential Financial by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider's stock valued at $4,960,547,000 after buying an additional 220,671 shares during the period. Geode Capital Management LLC boosted its stake in Prudential Financial by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider's stock valued at $1,050,635,000 after purchasing an additional 193,681 shares during the period. Northern Trust Corp lifted its stake in shares of Prudential Financial by 23.7% in the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after acquiring an additional 897,916 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Prudential Financial by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider's stock worth $290,906,000 after acquiring an additional 6,938 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Prudential Financial by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,521 shares of the financial services provider's stock worth $285,601,000 after purchasing an additional 26,210 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRU has been the topic of several research reports. UBS Group dropped their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Piper Sandler dropped their price objective on shares of Prudential Financial from $110.00 to $109.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Barclays dropped their price objective on shares of Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a research note on Friday, April 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Finally, Morgan Stanley dropped their price objective on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $121.92.

Prudential Financial Trading Down 1.2%

Shares of NYSE:PRU traded down $1.24 during trading on Wednesday, hitting $106.16. 1,757,271 shares of the company's stock were exchanged, compared to its average volume of 1,619,354. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The firm has a 50-day moving average price of $104.77 and a two-hundred day moving average price of $114.37. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm has a market cap of $37.58 billion, a P/E ratio of 14.21, a PEG ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data 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 net margin of 4.01% and a return on equity of 15.86%. The business had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same quarter last year, the firm earned $3.12 EPS. Prudential Financial's quarterly revenue was down 38.2% compared to the same quarter last year. Equities analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently declared 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. This represents a $5.40 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Tuesday, May 20th. Prudential Financial's dividend payout ratio (DPR) is currently 85.58%.

Insiders Place Their Bets

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares of the company's stock, valued at $2,499,989.84. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 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.