Independent Advisor Alliance Decreases Position in Prudential Financial, Inc. (NYSE:PRU)

Independent Advisor Alliance decreased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 16,491 shares of the financial services provider’s stock after selling 2,185 shares during the quarter. Independent Advisor Alliance’s holdings in Prudential Financial were worth $1,997,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Prudential Financial by 0.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 498,247 shares of the financial services provider’s stock valued at $58,495,000 after buying an additional 2,001 shares during the last quarter. Bayesian Capital Management LP acquired a new position in Prudential Financial during the first quarter worth $247,000. Janus Henderson Group PLC grew its holdings in Prudential Financial by 49.5% during the first quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock worth $9,409,000 after acquiring an additional 26,520 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in Prudential Financial by 3.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 25,121 shares of the financial services provider’s stock worth $2,949,000 after acquiring an additional 932 shares during the period. Finally, Creekmur Asset Management LLC grew its holdings in Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

NYSE PRU opened at $128.72 on Tuesday. The business’s 50-day moving average price is $123.52 and its 200 day moving average price is $119.82. Prudential Financial, Inc. has a twelve month low of $94.92 and a twelve month high of $129.69. The company has a market capitalization of $45.82 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The firm had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the prior year, the business posted $3.44 earnings per share. On average, research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a yield of 4.04%. Prudential Financial’s dividend payout ratio is presently 46.22%.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 6.61 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and upped their target price for the company from $117.00 to $140.00 in a report on Thursday, November 14th. TD Cowen assumed coverage on Prudential Financial in a report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 target price on the stock. UBS Group upped their target price on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Piper Sandler upped their price objective on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $125.69.

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.