Modera Wealth Management LLC Trims Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Modera Wealth Management LLC reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,770 shares of the financial services provider’s stock after selling 239 shares during the period. Modera Wealth Management LLC’s holdings in Prudential Financial were worth $1,546,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRU. GHP Investment Advisors Inc. grew its position in shares of Prudential Financial by 235.4% during the third quarter. GHP Investment Advisors Inc. now owns 379 shares of the financial services provider’s stock worth $46,000 after buying an additional 266 shares in the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Prudential Financial by 5.4% in the third quarter. Pathway Financial Advisers LLC now owns 9,103 shares of the financial services provider’s stock valued at $1,102,000 after acquiring an additional 464 shares during the period. Arkadios Wealth Advisors raised its stake in shares of Prudential Financial by 8.0% during the third quarter. Arkadios Wealth Advisors now owns 5,423 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 400 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Prudential Financial by 36.2% during the third quarter. NorthCrest Asset Manangement LLC now owns 2,679 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 712 shares during the last quarter. Finally, Forsta AP Fonden raised its stake in shares of Prudential Financial by 23.5% during the third quarter. Forsta AP Fonden now owns 153,500 shares of the financial services provider’s stock worth $18,589,000 after purchasing an additional 29,200 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the 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 purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the 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 purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial 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 transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

PRU opened at $123.46 on Monday. The stock has a 50-day moving average of $120.20 and a 200-day moving average of $117.86. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The company has a market cap of $44.32 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.30. 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 (NYSE:PRU) last announced 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). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The firm had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 13.3 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued 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 4.21%. Prudential Financial’s dividend payout ratio is 88.44%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Citigroup raised their price objective on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. raised 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, Morgan Stanley dropped their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. One equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $123.69.

Prudential Financial Company 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.