Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,432 shares of the financial services provider’s stock after selling 449 shares during the period. Sumitomo Life Insurance Co.’s holdings in Prudential Financial were worth $874,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRU. Sanctuary Wealth Management L.L.C. purchased a new stake in Prudential Financial in the 4th quarter valued at about $25,000. Bruce G. Allen Investments LLC purchased a new stake in Prudential Financial during the fourth quarter worth about $26,000. Headinvest LLC purchased a new stake in Prudential Financial during the third quarter worth about $27,000. Pacific Center for Financial Services purchased a new stake in Prudential Financial during the first quarter worth about $27,000. Finally, Coppell Advisory Solutions LLC purchased a new stake in Prudential Financial during the second quarter worth about $28,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU opened at $108.36 on Tuesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The firm has a market cap of $38.90 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The company’s 50 day simple moving average is $111.15 and its 200-day simple moving average is $102.78. Prudential Financial, Inc. has a 12-month low of $77.22 and a 12-month high of $118.69.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). The business had revenue of $13.02 billion for the quarter, compared to analysts’ expectations of $12.99 billion. Prudential Financial had a return on equity of 14.52% and a net margin of 4.89%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $2.42 earnings per share. As a group, equities analysts predict that Prudential Financial, Inc. will post 13.4 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.80%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date was Friday, February 16th. Prudential Financial’s dividend payout ratio (DPR) is 77.73%.

Insider Buying and Selling at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 7,685 shares of Prudential Financial stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total transaction of $857,415.45. Following the completion of the transaction, the executive vice president now owns 13,691 shares of the company’s stock, valued at approximately $1,527,504.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Prudential Financial news, SVP Robert Axel sold 6,436 shares of Prudential Financial stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total value of $719,930.96. Following the completion of the sale, the senior vice president now owns 7,901 shares in the company, valued at approximately $883,805.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew F. Sullivan sold 7,685 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total value of $857,415.45. Following the sale, the executive vice president now owns 13,691 shares of the company’s stock, valued at approximately $1,527,504.87. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,255 shares of company stock valued at $3,215,664. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PRU has been the topic of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. Morgan Stanley boosted their price target on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. restated a “neutral” rating and set a $118.00 target price (down from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods upped their target price on shares of Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a research note on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.33.

Prudential Financial Company 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.