CVA Family Office LLC Cuts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

CVA Family Office LLC trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 46.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 710 shares of the financial services provider’s stock after selling 620 shares during the quarter. CVA Family Office LLC’s holdings in Prudential Financial were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. IHT Wealth Management LLC boosted its stake in Prudential Financial by 34.2% during the third quarter. IHT Wealth Management LLC now owns 6,827 shares of the financial services provider’s stock worth $586,000 after buying an additional 1,741 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Prudential Financial by 81.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 13,278 shares of the financial services provider’s stock valued at $1,140,000 after purchasing an additional 5,960 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Prudential Financial during the third quarter valued at $2,959,000. FourThought Financial LLC boosted its stake in shares of Prudential Financial by 9.1% during the third quarter. FourThought Financial LLC now owns 13,793 shares of the financial services provider’s stock valued at $1,183,000 after purchasing an additional 1,150 shares during the period. Finally, Bray Capital Advisors boosted its stake in shares of Prudential Financial by 2.1% during the third quarter. Bray Capital Advisors now owns 10,636 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 219 shares during the period. 56.33% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of PRU stock opened at $82.19 on Friday. Prudential Financial, Inc. has a fifty-two week low of $76.90 and a fifty-two week high of $122.54. The firm has a market capitalization of $30.08 billion, a price-to-earnings ratio of -20.86, a PEG ratio of 0.53 and a beta of 1.41. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.07 and a current ratio of 0.07. The stock’s 50-day simple moving average is $98.82 and its 200-day simple moving average is $99.00.

Prudential Financial (NYSE:PRU – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.15). Prudential Financial had a positive return on equity of 13.31% and a negative net margin of 2.33%. The business had revenue of $12.65 billion for the quarter, compared to analysts’ expectations of $12.78 billion. During the same quarter in the previous year, the firm posted $3.18 EPS. As a group, equities analysts forecast that Prudential Financial, Inc. will post 12.2 earnings per share for the current fiscal year.

Prudential Financial announced that its board has approved a stock buyback program on Tuesday, February 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were paid a dividend of $1.25 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.20. The ex-dividend date was Friday, February 17th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 6.08%. Prudential Financial’s payout ratio is presently -126.90%.

Insider Activity at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 11,405 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $100.95, for a total value of $1,151,334.75. Following the sale, the executive vice president now owns 12,300 shares in the company, valued at $1,241,685. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Andrew F. Sullivan sold 4,126 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total value of $409,299.20. Following the sale, the executive vice president now owns 12,241 shares in the company, valued at $1,214,307.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Andrew F. Sullivan sold 11,405 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $100.95, for a total value of $1,151,334.75. Following the completion of the sale, the executive vice president now owns 12,300 shares in the company, valued at approximately $1,241,685. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRU. Raymond James lowered shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, November 23rd. JPMorgan Chase & Co. decreased their price objective on Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. Barclays decreased their price objective on Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, January 10th. StockNews.com assumed coverage on Prudential Financial in a report on Thursday. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group downgraded Prudential Financial from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $98.00 to $96.00 in a report on Monday, January 9th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.00.

Prudential Financial Company Profile

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.