Patriot Financial Group Insurance Agency LLC Reduces Stock Holdings in Prudential Financial, Inc. $PRU

Patriot Financial Group Insurance Agency LLC decreased its position in Prudential Financial, Inc. (NYSE:PRU) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,157 shares of the financial services provider’s stock after selling 177 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Prudential Financial were worth $554,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. TFG Advisers LLC lifted its position in shares of Prudential Financial by 3.2% during the second quarter. TFG Advisers LLC now owns 17,485 shares of the financial services provider’s stock worth $1,879,000 after acquiring an additional 540 shares in the last quarter. Pure Financial Advisors LLC lifted its position in shares of Prudential Financial by 3.8% during the second quarter. Pure Financial Advisors LLC now owns 3,915 shares of the financial services provider’s stock worth $421,000 after acquiring an additional 144 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of Prudential Financial by 11.0% during the second quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,554 shares of the financial services provider’s stock worth $12,308,000 after acquiring an additional 11,361 shares in the last quarter. BSW Wealth Partners lifted its position in shares of Prudential Financial by 7.8% during the second quarter. BSW Wealth Partners now owns 2,495 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 180 shares in the last quarter. Finally, Woodward Diversified Capital LLC lifted its position in shares of Prudential Financial by 94.1% during the second quarter. Woodward Diversified Capital LLC now owns 7,559 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 3,665 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

PRU has been the topic of several recent research reports. Wall Street Zen upgraded Prudential Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Barclays increased their price objective on Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 17th. Wolfe Research started coverage on Prudential Financial in a research report on Tuesday, September 16th. They issued a “peer perform” rating on the stock. Piper Sandler lowered their price objective on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prudential Financial in a research report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $122.08.

Prudential Financial Stock Up 2.0%

PRU opened at $104.01 on Friday. The stock has a market cap of $36.61 billion, a PE ratio of 23.06, a P/E/G ratio of 0.92 and a beta of 1.04. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The business’s fifty day simple moving average is $105.19 and its 200 day simple moving average is $104.84.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.36. The business had revenue of $13.50 billion for the quarter, compared to analysts’ expectations of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The firm’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 earnings per share. As a group, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is currently 119.73%.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares of the company’s stock, valued at $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% 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.