Cary Street Partners Financial LLC Takes $4.01 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Cary Street Partners Financial LLC purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 33,854 shares of the financial services provider’s stock, valued at approximately $4,013,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Prudential Financial by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider’s stock worth $4,960,547,000 after acquiring an additional 220,671 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Prudential Financial by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider’s stock valued at $1,050,635,000 after purchasing an additional 193,681 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Prudential Financial by 23.7% during the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock valued at $555,513,000 after buying an additional 897,916 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Prudential Financial by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,454,278 shares of the financial services provider’s stock worth $290,906,000 after buying an additional 6,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Prudential Financial by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,521 shares of the financial services provider’s stock valued at $285,601,000 after acquiring an additional 26,210 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRU. Morgan Stanley decreased their price objective on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Wells Fargo & Company lowered their price objective on Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating for the company in a report on Thursday, April 10th. Piper Sandler reduced their target price on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets initiated coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target for the company. Finally, UBS Group decreased their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating for the company in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $121.77.

Prudential Financial Stock Down 0.9 %

Prudential Financial stock opened at $102.69 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a 50-day simple moving average of $105.70 and a 200-day simple moving average of $115.17. The firm has a market capitalization of $36.40 billion, a P/E ratio of 13.75, a P/E/G ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $3.18 by $0.11. The company had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The business’s revenue for the quarter was down 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.12 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

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.