Sumitomo Life Insurance Co. Sells 332 Shares of Prudential Financial, Inc. (NYSE:PRU)

Sumitomo Life Insurance Co. trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,059 shares of the financial services provider’s stock after selling 332 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Prudential Financial were worth $837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Grove Bank & Trust grew its stake in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Prudential Financial in the third quarter worth $31,000. Quarry LP grew its stake in shares of Prudential Financial by 376.3% in the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 222 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Prudential Financial in the 4th quarter worth about $37,000. Finally, Tompkins Financial Corp boosted its stake in Prudential Financial by 61.7% in the 3rd quarter. Tompkins Financial Corp now owns 367 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 140 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $122.44 on Thursday. Prudential Financial, Inc. has a 12-month low of $100.60 and a 12-month high of $130.55. The firm has a market capitalization of $43.59 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 1.09 and a beta of 1.31. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The firm has a 50 day moving average of $121.07 and a 200 day moving average of $120.65.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the previous year, the firm posted $3.44 EPS. On average, research analysts anticipate that Prudential Financial, Inc. will post 13.24 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date was Tuesday, November 19th. Prudential Financial’s payout ratio is 46.22%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRU. Piper Sandler decreased their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Wells Fargo & Company lowered their price objective on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Barclays lifted their target price on Prudential Financial from $127.00 to $128.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods dropped their price objective on Prudential Financial from $135.00 to $129.00 and set a “market perform” rating on the stock in a research report on Thursday, January 16th. Finally, Bank of America boosted their target price on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $125.31.

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.