Lighthouse Investment Partners LLC Reduces Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Lighthouse Investment Partners LLC lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 21.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 59,052 shares of the financial services provider’s stock after selling 15,704 shares during the period. Lighthouse Investment Partners LLC’s holdings in Prudential Financial were worth $6,920,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Creekmur Asset Management LLC lifted 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 acquiring an additional 108 shares during the last quarter. Lynx Investment Advisory purchased a new stake in Prudential Financial in the 2nd quarter valued at about $29,000. Crewe Advisors LLC acquired a new position in Prudential Financial in the first quarter valued at about $33,000. ESL Trust Services LLC acquired a new stake in shares of Prudential Financial during the first quarter valued at about $34,000. Finally, Riverview Trust Co purchased a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $37,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on PRU shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Argus upgraded Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Wells Fargo & Company upgraded shares of Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target on the stock in a research note on Monday, August 12th. Jefferies Financial Group lowered their price objective 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. Finally, Morgan Stanley cut their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $120.83.

Prudential Financial Stock Performance

Shares of PRU stock opened at $120.54 on Friday. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The company has a market cap of $43.27 billion, a P/E ratio of 20.50, a PEG ratio of 0.96 and a beta of 1.30. The firm has a fifty day moving average price of $117.45 and a 200 day moving average price of $116.55.

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

Prudential Financial Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 4.31%. Prudential Financial’s dividend payout ratio is presently 88.44%.

Insider Activity at Prudential Financial

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

About Prudential Financial

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.