Steel Grove Capital Advisors LLC Trims Position in Prudential Financial, Inc. (NYSE:PRU)

Steel Grove Capital Advisors LLC lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 16,871 shares of the financial services provider’s stock after selling 235 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Prudential Financial were worth $1,977,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Prudential Financial by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares during the last quarter. AustralianSuper Pty Ltd increased its stake in shares of Prudential Financial by 2.8% during the second quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock worth $145,027,000 after acquiring an additional 34,160 shares during the period. Federated Hermes Inc. raised its holdings in Prudential Financial by 8.8% during the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock worth $120,181,000 after purchasing an additional 82,620 shares in the last quarter. Stifel Financial Corp lifted its position in Prudential Financial by 0.4% in the fourth quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock valued at $104,080,000 after purchasing an additional 4,006 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Prudential Financial by 7.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 926,641 shares of the financial services provider’s stock valued at $108,788,000 after purchasing an additional 62,578 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. UBS Group raised their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Morgan Stanley reduced 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 report on Monday, August 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Finally, Jefferies Financial Group lowered their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $120.83.

Prudential Financial Stock Performance

Shares of PRU stock opened at $121.36 on Monday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $43.57 billion, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 0.91 and a beta of 1.30. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The company has a 50 day moving average price of $117.83 and a 200 day moving average price of $116.39.

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 firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.31 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date was Tuesday, August 20th. Prudential Financial’s payout ratio is currently 88.44%.

Insider Activity at Prudential Financial

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $1,220,694.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was 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 $1,648,705.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Caroline Feeney sold 1,110 shares of the business’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 value of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.