State of Alaska Department of Revenue Trims Stake in Prudential Financial, Inc. (NYSE:PRU)

State of Alaska Department of Revenue lowered its holdings in Prudential Financial, Inc. (NYSE:PRU) by 17.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,595 shares of the financial services provider’s stock after selling 8,673 shares during the period. State of Alaska Department of Revenue’s holdings in Prudential Financial were worth $4,811,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Grove Bank & Trust lifted its position in Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its holdings in shares of Prudential Financial by 1.2% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock worth $891,000 after acquiring an additional 89 shares during the last quarter. Asset Dedication LLC grew its position in Prudential Financial by 28.4% in the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 93 shares in the last quarter. UMB Bank n.a. raised its position in Prudential Financial by 2.7% during the third quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 97 shares in the last quarter. Finally, Daymark Wealth Partners LLC lifted its stake in Prudential Financial by 3.9% during the third quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 97 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU stock opened at $112.80 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average of $119.75 and a 200 day moving average of $120.37. The firm has a market capitalization of $40.16 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 1.12 and a beta of 1.31. Prudential Financial, Inc. has a 52 week low of $104.02 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. As a group, research analysts expect that Prudential Financial, Inc. will post 13.24 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend is Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Analysts Set New Price Targets

PRU has been the topic of a number of research reports. TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and boosted their price objective for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Piper Sandler reduced their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Jefferies Financial Group boosted their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Barclays lifted their price objective on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $125.77.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. The trade was a 12.66 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

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.