Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Pitcairn Co.

Pitcairn Co. trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 13.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,479 shares of the financial services provider’s stock after selling 540 shares during the quarter. Pitcairn Co.’s holdings in Prudential Financial were worth $421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRU. Creekmur Asset Management LLC increased its position in shares of Prudential Financial by 78.8% during 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 second quarter valued at approximately $29,000. Ashton Thomas Securities LLC acquired a new position in Prudential Financial during the third quarter worth $31,000. Bank & Trust Co acquired a new stake in shares of Prudential Financial in the second quarter valued at $37,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at $38,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Prudential Financial Stock Performance

Shares of PRU opened at $129.11 on Wednesday. The company has a market capitalization of $45.96 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 52-week low of $94.92 and a 52-week high of $129.69. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average price of $123.72 and a 200 day moving average price of $119.89.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS 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 for the quarter, compared to the consensus estimate of $14.57 billion. During the same period last year, the firm posted $3.44 EPS. Research analysts predict that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be given 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 4.03%. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Bank of America raised their price target on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. UBS Group upped their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company lifted their target price on Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $125.69.

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.