Signaturefd LLC Sells 259 Shares of Prudential Financial, Inc. (NYSE:PRU)

Signaturefd LLC trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 2.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,586 shares of the financial services provider’s stock after selling 259 shares during the quarter. Signaturefd LLC’s holdings in Prudential Financial were worth $1,282,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRU. AQR Capital Management LLC raised its holdings in shares of Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock valued at $84,874,000 after buying an additional 357,300 shares during the last quarter. Swedbank AB bought a new stake in Prudential Financial during the 1st quarter worth about $35,855,000. Legal & General Group Plc raised its holdings in Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after purchasing an additional 305,143 shares during the last quarter. OFI Invest Asset Management raised its holdings in Prudential Financial by 10,529.7% during the 2nd quarter. OFI Invest Asset Management now owns 155,513 shares of the financial services provider’s stock worth $17,004,000 after purchasing an additional 154,050 shares during the last quarter. Finally, Cullinan Associates Inc. raised its holdings in Prudential Financial by 2,355.0% during the 1st quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock worth $17,798,000 after purchasing an additional 145,423 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PRU shares. Wells Fargo & Company boosted their price objective on Prudential Financial from $113.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Morgan Stanley dropped their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Piper Sandler upped their price target on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Finally, Bank of America upped their price target on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and an average target price of $123.69.

Prudential Financial Price Performance

Shares of PRU opened at $125.16 on Thursday. 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 stock has a 50 day simple moving average of $119.79 and a 200 day simple moving average of $117.69. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The firm has a market capitalization of $44.93 billion, a PE ratio of 21.29, a P/E/G ratio of 0.97 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The business had revenue of $13.84 billion during the quarter, compared to analyst estimates of $13.78 billion. Sell-side analysts predict that Prudential Financial, Inc. will post 13.3 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared 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. This represents a $5.20 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The stock was purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the transaction, the insider now directly owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, 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 of the company’s stock, valued at approximately $1,220,694.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

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.