Carson Advisory Inc. Trims Stake in Prudential Financial, Inc. (NYSE:PRU)

Carson Advisory Inc. cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.1% in the 3rd quarter, Holdings Channel reports. The fund owned 8,599 shares of the financial services provider’s stock after selling 99 shares during the quarter. Carson Advisory Inc.’s holdings in Prudential Financial were worth $1,041,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. AIA Group Ltd purchased a new stake in shares of Prudential Financial during the first quarter valued at approximately $247,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in Prudential Financial by 65.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,448 shares of the financial services provider’s stock worth $405,000 after buying an additional 1,363 shares during the period. Forsta AP Fonden boosted its position in Prudential Financial by 66.5% during the 1st quarter. Forsta AP Fonden now owns 139,000 shares of the financial services provider’s stock valued at $16,319,000 after acquiring an additional 55,500 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Prudential Financial by 2.3% during the 1st quarter. Concurrent Investment Advisors LLC now owns 24,276 shares of the financial services provider’s stock valued at $2,850,000 after buying an additional 543 shares in the last quarter. Finally, Bedel Financial Consulting Inc. purchased a new position in shares of Prudential Financial during the first quarter valued at approximately $221,000. 56.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total transaction of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. UBS Group increased their target price on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Barclays boosted their price target on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Argus raised Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $123.85.

Prudential Financial Price Performance

Shares of PRU opened at $121.89 on Friday. Prudential Financial, Inc. has a 1-year low of $90.56 and a 1-year high of $129.13. The firm has a market capitalization of $43.39 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The company’s fifty day moving average price is $121.48 and its 200-day moving average price is $118.73.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same quarter last year, the company posted $3.44 earnings per share. On average, equities research analysts predict that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.27%. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Prudential Financial 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.