Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. decreased its position in Prudential Financial, Inc. (NYSE:PRU) by 4.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,853 shares of the financial services provider’s stock after selling 735 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Prudential Financial were worth $2,096,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nwam LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $209,000. Dorsey & Whitney Trust CO LLC grew its holdings in Prudential Financial by 4.0% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 5,910 shares of the financial services provider’s stock valued at $694,000 after buying an additional 230 shares during the period. Kingsview Wealth Management LLC grew its holdings in Prudential Financial by 19.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 6,910 shares of the financial services provider’s stock valued at $811,000 after buying an additional 1,116 shares during the period. Zega Financial LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $247,000. Finally, TBH Global Asset Management LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $281,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Prudential Financial Stock Performance

Shares of PRU opened at $123.76 on Friday. The business’s 50 day moving average is $118.76 and its two-hundred day moving average is $112.75. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The firm has a market cap of $44.43 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 0.95 and a beta of 1.34. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The business had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. During the same period in the previous year, the company earned $2.66 earnings per share. The business’s revenue for the quarter was up 69.9% on a year-over-year basis. Analysts forecast that Prudential Financial, Inc. will post 13.38 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date was Monday, May 20th. Prudential Financial’s payout ratio is 88.44%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Morgan Stanley boosted their target price on Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Piper Sandler decreased their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Keefe, Bruyette & Woods boosted their target price on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. Jefferies Financial Group decreased their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Finally, Evercore ISI boosted their target price on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and an average price target of $116.67.

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.