Prudential Financial (NYSE:PRU) Major Shareholder Insurance Co Of Ame Prudential Sells 214,746 Shares of Stock

Prudential Financial, Inc. (NYSE:PRU) major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Prudential Financial Stock Up 0.2%

Shares of Prudential Financial stock traded up $0.23 during trading on Thursday, reaching $122.86. 1,917,154 shares of the company traded hands, compared to its average volume of 2,151,385. The firm has a market capitalization of $42.63 billion, a PE ratio of 12.64, a P/E/G ratio of 2.48 and a beta of 0.85. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $124.57. The company has a 50 day moving average price of $110.13 and a 200-day moving average price of $104.37. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The business had revenue of $15.23 billion during the quarter, compared to analysts’ expectations of $14.10 billion. During the same period last year, the company posted $3.29 earnings per share. As a group, equities research analysts expect that Prudential Financial, Inc. will post 13.75 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s payout ratio is presently 57.61%.

Hedge Funds Weigh In On Prudential Financial

Several large investors have recently bought and sold shares of the stock. Jessup Wealth Management Inc bought a new stake in shares of Prudential Financial in the 4th quarter worth $25,000. Garton & Associates Financial Advisors LLC purchased a new position in Prudential Financial during the fourth quarter worth about $26,000. Salomon & Ludwin LLC grew its position in Prudential Financial by 98.3% in the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 114 shares in the last quarter. SJS Investment Consulting Inc. increased its stake in Prudential Financial by 93.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock valued at $27,000 after buying an additional 134 shares during the last quarter. Finally, Lodestone Wealth Management LLC bought a new position in shares of Prudential Financial during the 4th quarter worth approximately $28,000. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRU. Barclays raised their price objective on Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Tuesday, July 7th. Jefferies Financial Group increased their target price on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of Prudential Financial from $106.00 to $113.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Zacks Research upgraded shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Finally, Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Prudential Financial presently has a consensus rating of “Reduce” and a consensus price target of $105.46.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.