DAVENPORT & Co LLC Sells 2,905 Shares of Prudential Financial, Inc. (NYSE:PRU)

DAVENPORT & Co LLC trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 20.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,408 shares of the financial services provider’s stock after selling 2,905 shares during the period. DAVENPORT & Co LLC’s holdings in Prudential Financial were worth $1,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Prudential Financial in the 1st quarter valued at $30,000. Hopwood Financial Services Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at $34,000. Lee Danner & Bass Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at $35,000. TCTC Holdings LLC acquired a new stake in shares of Prudential Financial in the 4th quarter valued at $37,000. Finally, Park Place Capital Corp increased its stake in shares of Prudential Financial by 1,841.2% in the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider’s stock valued at $37,000 after buying an additional 313 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler lowered their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Wells Fargo & Company lifted their target price on Prudential Financial from $108.00 to $113.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. Morgan Stanley lifted their price objective on Prudential Financial from $108.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, May 19th. JPMorgan Chase & Co. decreased their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays decreased their price objective on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average price target of $120.15.

Prudential Financial Stock Up 0.9%

NYSE:PRU opened at $109.60 on Friday. The firm has a market capitalization of $38.80 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The stock’s 50 day moving average price is $104.87 and its two-hundred day moving average price is $109.26. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion for the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm’s revenue was down 38.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.12 EPS. Equities research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.93%. The ex-dividend date was Tuesday, May 20th. Prudential Financial’s dividend payout ratio (DPR) is currently 85.58%.

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.