Magnus Financial Group LLC Decreases Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Magnus Financial Group LLC trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 43.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,966 shares of the financial services provider’s stock after selling 1,532 shares during the quarter. Magnus Financial Group LLC’s holdings in Prudential Financial were worth $238,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Creekmur Asset Management LLC boosted its stake 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 worth $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new stake in Prudential Financial in the 2nd quarter worth approximately $29,000. Strategic Financial Concepts LLC boosted its stake 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 worth $32,000 after purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC acquired a new stake in Prudential Financial in the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC acquired a new stake in Prudential Financial in the 1st quarter worth approximately $34,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $127.03 on Thursday. The firm has a market cap of $45.60 billion, a PE ratio of 21.60, a PEG ratio of 0.97 and a beta of 1.30. The firm has a fifty day moving average of $118.11 and a 200 day moving average of $117.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The company had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. As a group, research analysts predict that Prudential Financial, Inc. will post 13.28 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were paid 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 yield of 4.09%. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PRU. Jefferies Financial Group lowered their target price 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. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. 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. Bank of America raised their price target on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $123.69.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Caroline Feeney sold 1,110 shares of the business’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 transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate 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.