Bank of New York Mellon Corp Sells 52,654 Shares of Prudential Financial, Inc. $PRU

Bank of New York Mellon Corp trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,118,016 shares of the financial services provider’s stock after selling 52,654 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Prudential Financial worth $219,723,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Darwin Wealth Management LLC purchased a new stake in Prudential Financial in the 2nd quarter valued at $36,000. Chilton Capital Management LLC raised its position in Prudential Financial by 146.5% in the third quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 208 shares during the period. AlphaCore Capital LLC purchased a new position in Prudential Financial in the second quarter valued at approximately $39,000. Capital A Wealth Management LLC grew its stake in shares of Prudential Financial by 4,600.0% during the 2nd quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 368 shares during the period. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Prudential Financial in the second quarter valued at approximately $51,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Up 1.0%

Shares of NYSE:PRU opened at $111.00 on Friday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $112.77 and a two-hundred day simple moving average of $107.32. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $122.34. The stock has a market capitalization of $38.85 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.22 and a beta of 0.97.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share for the quarter, beating the consensus estimate of $3.72 by $0.54. The firm had revenue of $17.89 billion during the quarter, compared to the consensus estimate of $13.77 billion. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.During the same period last year, the company earned $3.48 earnings per share. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 18th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Tuesday, November 18th. Prudential Financial’s dividend payout ratio is currently 74.18%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PRU shares. Mizuho began coverage on Prudential Financial in a report on Tuesday, December 16th. They set a “neutral” rating and a $125.00 target price for the company. Morgan Stanley upped their price objective on Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. Barclays cut their price target on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Finally, UBS Group boosted their target price on Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and an average target price of $120.78.

Insiders Place Their Bets

In other Prudential Financial news, EVP Caroline Feeney sold 6,555 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $116.28, for a total transaction of $762,215.40. Following the transaction, the executive vice president owned 22,523 shares in the company, valued at approximately $2,618,974.44. This represents a 22.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the completion of the sale, the chairman owned 165,564 shares of the company’s stock, valued at $17,779,917.96. This represents a 22.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 62,719 shares of company stock valued at $6,796,067. 0.25% of the stock is currently owned by corporate insiders.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.