Prudential Financial, Inc. (NYSE:PRU) Stake Lowered by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. decreased its stake in Prudential Financial, Inc. (NYSE:PRU) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,890 shares of the financial services provider’s stock after selling 426 shares during the period. Legacy Capital Group California Inc.’s holdings in Prudential Financial were worth $834,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PRU. Wellington Management Group LLP increased its holdings in shares of Prudential Financial by 0.9% in the 4th quarter. Wellington Management Group LLP now owns 39,001 shares of the financial services provider’s stock worth $4,045,000 after acquiring an additional 337 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Prudential Financial during the first quarter valued at approximately $215,000. Park Avenue Securities LLC boosted its position in shares of Prudential Financial by 4.1% during the first quarter. Park Avenue Securities LLC now owns 7,321 shares of the financial services provider’s stock worth $859,000 after buying an additional 291 shares during the period. Future Financial Wealth Managment LLC bought a new position in Prudential Financial in the 1st quarter worth approximately $59,000. Finally, Wealthcare Advisory Partners LLC increased its position in Prudential Financial by 57.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,690 shares of the financial services provider’s stock valued at $1,020,000 after acquiring an additional 3,179 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the acquisition, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the stock in a transaction on Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares in the company, valued at $1,648,705.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group decreased their target price on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Citigroup increased their price objective on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Wells Fargo & Company increased their target price on Prudential Financial from $113.00 to $116.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, UBS Group upped their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $123.69.

Prudential Financial Stock Performance

NYSE:PRU opened at $125.36 on Friday. The stock has a market capitalization of $44.75 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 0.96 and a beta of 1.30. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The firm has a 50 day moving average of $119.79 and a 200-day moving average of $117.69.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.3 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.15%. Prudential Financial’s payout ratio is 66.84%.

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.