Truist Financial Corp Decreases Stake in Prudential Financial, Inc. (NYSE:PRU)

Truist Financial Corp lowered its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 694,227 shares of the financial services provider’s stock after selling 12,745 shares during the quarter. Truist Financial Corp’s holdings in Prudential Financial were worth $81,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PRU. TD Asset Management Inc increased its position in Prudential Financial by 5.2% during the fourth quarter. TD Asset Management Inc now owns 123,336 shares of the financial services provider’s stock valued at $12,791,000 after acquiring an additional 6,149 shares during the last quarter. Jones Financial Companies Lllp increased its position in Prudential Financial by 1,261.2% during the fourth quarter. Jones Financial Companies Lllp now owns 1,157 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 1,072 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Prudential Financial by 1.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 271,480 shares of the financial services provider’s stock valued at $28,155,000 after acquiring an additional 2,661 shares during the last quarter. CWA Asset Management Group LLC increased its position in Prudential Financial by 6.0% during the fourth quarter. CWA Asset Management Group LLC now owns 2,983 shares of the financial services provider’s stock valued at $309,000 after acquiring an additional 169 shares during the last quarter. Finally, NEOS Investment Management LLC increased its position in Prudential Financial by 36.7% during the fourth quarter. NEOS Investment Management LLC now owns 5,113 shares of the financial services provider’s stock valued at $530,000 after acquiring an additional 1,374 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $119.36 on Wednesday. The stock has a 50 day moving average of $117.12 and a 200 day moving average of $116.81. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52. The firm has a market cap of $42.85 billion, a PE ratio of 20.30, a PEG ratio of 0.95 and a beta of 1.30. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results 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). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. On average, research analysts expect that Prudential Financial, Inc. will post 13.3 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.36%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the company’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 sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Caroline Feeney sold 1,110 shares of the 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 completion of the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRU shares. Citigroup boosted their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. UBS Group boosted 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. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a report on Wednesday, August 21st. Argus raised Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target for the company in a report on Monday, August 12th. One investment 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, Prudential Financial has an average rating of “Hold” and a consensus target price of $120.83.

Prudential Financial 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.