IVC Wealth Advisors LLC Reduces Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

IVC Wealth Advisors LLC lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,546 shares of the financial services provider’s stock after selling 102 shares during the quarter. Prudential Financial comprises about 0.9% of IVC Wealth Advisors LLC’s holdings, making the stock its 25th biggest holding. IVC Wealth Advisors LLC’s holdings in Prudential Financial were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRU. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Prudential Financial by 7.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 926,641 shares of the financial services provider’s stock valued at $108,788,000 after acquiring an additional 62,578 shares during the last quarter. MV Capital Management Inc. lifted its stake in shares of Prudential Financial by 10.6% during the 1st quarter. MV Capital Management Inc. now owns 1,118 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 107 shares during the period. Cullinan Associates Inc. boosted its holdings in shares of Prudential Financial by 2,355.0% during the first quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock worth $17,798,000 after purchasing an additional 145,423 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Prudential Financial by 2.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 23,183 shares of the financial services provider’s stock worth $2,722,000 after buying an additional 539 shares during the last quarter. Finally, Kowal Investment Group LLC increased its stake in shares of Prudential Financial by 26.6% during the 1st quarter. Kowal Investment Group LLC now owns 6,906 shares of the financial services provider’s stock valued at $811,000 after acquiring an additional 1,451 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Down 0.0 %

NYSE PRU traded down $0.04 during mid-day trading on Wednesday, reaching $118.51. 718,184 shares of the company’s stock traded hands, compared to its average volume of 1,472,309. The company has a market cap of $42.55 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 0.88 and a beta of 1.34. The company has a fifty day simple moving average of $116.63 and a 200-day simple moving average of $111.15. Prudential Financial, Inc. has a 1-year low of $87.57 and a 1-year high of $121.39. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). The company had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. Prudential Financial’s quarterly revenue was up 69.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.66 earnings per share. As a group, equities research analysts expect that Prudential Financial, Inc. will post 13.41 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were paid a $1.30 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.39%. Prudential Financial’s payout ratio is currently 88.44%.

Insider Activity

In related news, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares in the company, valued at approximately $1,426,472.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the completion of the sale, the senior vice president now owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PRU shares. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday. Morgan Stanley lifted their target price on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Wells Fargo & Company raised their price objective on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Piper Sandler decreased their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $115.92.

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.