Assetmark Inc. Trims Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Assetmark Inc. lessened its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 32.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,027 shares of the financial services provider’s stock after selling 491 shares during the quarter. Assetmark Inc.’s holdings in Prudential Financial were worth $124,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Creekmur Asset Management LLC increased its holdings in Prudential Financial by 78.8% in the 1st 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. Lynx Investment Advisory acquired a new stake in Prudential Financial in the 2nd quarter valued at approximately $29,000. Strategic Financial Concepts LLC increased its holdings in Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 25,027 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Prudential Financial in the 1st quarter valued at approximately $33,000. Finally, Bank & Trust Co acquired a new position in shares of Prudential Financial in the second quarter worth $37,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity

In other news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction dated 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 directly owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This represents a 16.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

Shares of PRU opened at $127.41 on Monday. Prudential Financial, Inc. has a 1-year low of $93.32 and a 1-year high of $129.13. The stock has a market cap of $45.36 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a fifty day moving average price of $122.20 and a 200 day moving average price of $119.33.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the previous year, the company earned $3.44 earnings per share. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.08%. Prudential Financial’s payout ratio is 46.22%.

Analyst Upgrades and Downgrades

PRU has been the subject of several research reports. Morgan Stanley dropped their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. UBS Group boosted their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Piper Sandler boosted their price target on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company boosted their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, TD Cowen assumed coverage on shares of Prudential Financial in a research report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.