Canandaigua National Bank & Trust Co. Trims Position in Prudential Financial, Inc. (NYSE:PRU)

Canandaigua National Bank & Trust Co. lessened its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,531 shares of the financial services provider’s stock after selling 789 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Prudential Financial were worth $1,589,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PRU. Vanguard Group Inc. raised its position in shares of Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after buying an additional 5,154,865 shares during the period. International Assets Investment Management LLC raised its position in Prudential Financial by 9,281.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after purchasing an additional 1,354,248 shares during the period. Norges Bank purchased a new position in Prudential Financial in the fourth quarter valued at about $113,478,000. Dimensional Fund Advisors LP raised its position in Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Prudential Financial in the third quarter valued at about $34,251,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

PRU opened at $115.67 on Wednesday. Prudential Financial, Inc. has a twelve month low of $83.34 and a twelve month high of $121.39. The stock has a market cap of $41.53 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35. The business’s 50 day moving average is $115.10 and its 200-day moving average is $109.99. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The firm had revenue of $15.01 billion for the quarter, compared to the consensus estimate of $14.50 billion. During the same period in the previous year, the firm earned $2.66 EPS. Prudential Financial’s revenue for the quarter was up 69.9% on a year-over-year basis. On average, analysts predict that Prudential Financial, Inc. will post 13.41 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a $1.30 dividend. The ex-dividend date was Monday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.50%. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the transaction, the executive vice president now directly owns 202,083 shares in the company, valued at approximately $23,960,981.31. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Timothy L. Schmidt sold 5,189 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total transaction of $604,933.62. Following the transaction, the senior vice president now directly owns 12,236 shares in the company, valued at approximately $1,426,472.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Robert Falzon sold 130,092 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares in the company, valued at $23,960,981.31. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on PRU shares. Evercore ISI raised their price objective on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research report on Thursday, April 25th. Piper Sandler lowered their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Morgan Stanley raised their target price on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Wells Fargo & Company raised their target price on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Finally, Keefe, Bruyette & Woods raised their target price on Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $115.25.

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.