Patten & Patten Inc. TN Sells 1,745 Shares of Prudential Financial, Inc. (NYSE:PRU)

Patten & Patten Inc. TN lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.2% during the third quarter, Holdings Channel.com reports. The firm owned 13,905 shares of the financial services provider’s stock after selling 1,745 shares during the period. Patten & Patten Inc. TN’s holdings in Prudential Financial were worth $1,684,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PRU. National Bank of Canada FI increased its stake in shares of Prudential Financial by 44.9% during the 1st quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock worth $27,327,000 after purchasing an additional 71,274 shares during the last quarter. ORG Partners LLC purchased a new position in Prudential Financial during the second quarter worth about $156,000. Russell Investments Group Ltd. raised its holdings in shares of Prudential Financial by 25.0% in the 1st quarter. Russell Investments Group Ltd. now owns 180,555 shares of the financial services provider’s stock valued at $21,171,000 after acquiring an additional 36,159 shares in the last quarter. PGGM Investments boosted its position in shares of Prudential Financial by 98.0% during the 2nd quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock valued at $7,533,000 after acquiring an additional 31,807 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in Prudential Financial by 6.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 406,295 shares of the financial services provider’s stock valued at $47,699,000 after purchasing an additional 25,196 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Price Performance

Shares of PRU stock opened at $125.00 on Tuesday. The company’s 50-day simple moving average is $121.48 and its two-hundred day simple moving average is $118.82. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial, Inc. has a one year low of $91.07 and a one year high of $129.13. The company has a market capitalization of $44.50 billion, a P/E ratio of 11.11, a P/E/G ratio of 0.87 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the company posted $3.44 earnings per share. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is presently 46.22%.

Insider Activity

In related news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PRU. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays lifted their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. TD Cowen assumed coverage on shares of Prudential Financial in a research report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price target for the company. Finally, Citigroup boosted their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $123.85.

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.