Pinnacle Associates Ltd. Decreases Holdings in Prudential Financial, Inc. $PRU

Pinnacle Associates Ltd. trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 5.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,958 shares of the financial services provider’s stock after selling 779 shares during the period. Pinnacle Associates Ltd.’s holdings in Prudential Financial were worth $1,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PRU. Meeder Asset Management Inc. lifted its holdings in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after buying an additional 111 shares during the last quarter. Cheviot Value Management LLC purchased a new stake in shares of Prudential Financial in the 1st quarter valued at about $26,000. AlphaQuest LLC lifted its holdings in shares of Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 245 shares during the last quarter. Clearstead Trust LLC lifted its holdings in shares of Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 207 shares during the last quarter. Finally, Rossby Financial LCC purchased a new stake in shares of Prudential Financial in the 1st quarter valued at about $39,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PRU shares. Wells Fargo & Company reduced their target price on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday, July 16th. Piper Sandler reduced their target price on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. Evercore ISI boosted their price target on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research report on Thursday. Barclays dropped their price target on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Finally, Morgan Stanley boosted their price target on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $120.64.

Prudential Financial Stock Performance

NYSE PRU opened at $103.95 on Monday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $104.17 and its two-hundred day moving average is $104.37. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The stock has a market capitalization of $36.59 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 0.88 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The company had revenue of $8.35 billion for the quarter. Prudential Financial had a return on equity of 16.98% and a net margin of 4.65%. Research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were issued a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial’s dividend payout ratio is currently 74.18%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the sale, the executive vice president owned 21,506 shares in the company, valued at $2,358,132.90. This represents a 15.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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.