Beacon Financial Group Cuts Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Beacon Financial Group lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,540 shares of the financial services provider’s stock after selling 99 shares during the period. Beacon Financial Group’s holdings in Prudential Financial were worth $420,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. State Street Corp lifted its position in Prudential Financial by 0.3% in the third quarter. State Street Corp now owns 17,007,013 shares of the financial services provider’s stock valued at $2,059,549,000 after purchasing an additional 49,830 shares during the last quarter. Geode Capital Management LLC raised its holdings in Prudential Financial by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock valued at $1,047,872,000 after buying an additional 341,787 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Prudential Financial by 1.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock valued at $370,327,000 after buying an additional 47,561 shares during the period. FMR LLC grew its holdings in Prudential Financial by 31.3% in the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after acquiring an additional 344,254 shares during the last quarter. Finally, abrdn plc raised its stake in shares of Prudential Financial by 4.0% during the third quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after acquiring an additional 50,026 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the acquisition, the insider now directly owns 4,780,293 shares in the company, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

Prudential Financial stock opened at $110.82 on Thursday. Prudential Financial, Inc. has a twelve month low of $104.02 and a twelve month high of $130.55. The company has a quick ratio of 0.14, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $39.45 billion, a P/E ratio of 14.84, a PEG ratio of 1.00 and a beta of 1.31. The stock’s 50 day moving average is $118.78 and its 200 day moving average is $120.07.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, equities research analysts predict that Prudential Financial, Inc. will post 14.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is currently 69.61%.

Analysts Set New Price Targets

PRU has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday. Wells Fargo & Company reduced their target price on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 14th. Piper Sandler cut their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. BMO Capital Markets began coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. Finally, Jefferies Financial Group lifted their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $125.46.

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.