Silvercrest Asset Management Group LLC Reduces Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Silvercrest Asset Management Group LLC reduced its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 36.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,512 shares of the financial services provider’s stock after selling 3,180 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Prudential Financial were worth $653,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in Prudential Financial in the fourth quarter worth about $115,878,000. Northern Trust Corp lifted its holdings in Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock worth $555,513,000 after buying an additional 897,916 shares during the period. Raymond James Financial Inc. purchased a new stake in Prudential Financial in the fourth quarter worth about $76,303,000. Marshall Wace LLP lifted its holdings in Prudential Financial by 322.9% in the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider’s stock worth $84,287,000 after buying an additional 542,964 shares during the period. Finally, Amundi lifted its holdings in Prudential Financial by 32.7% in the fourth quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock worth $181,851,000 after buying an additional 378,266 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of PRU opened at $105.82 on Wednesday. The company has a market capitalization of $37.46 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $104.77 and a 200 day moving average of $113.77. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55.

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

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Tuesday, May 20th will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Tuesday, May 20th. Prudential Financial’s dividend payout ratio (DPR) is currently 85.58%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was acquired at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the transaction, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This trade represents a 60.18% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on PRU shares. Keefe, Bruyette & Woods lowered their price objective on shares of Prudential Financial from $120.00 to $117.00 and set a “market perform” rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company raised their price objective on shares of Prudential Financial from $108.00 to $113.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. BMO Capital Markets began coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Finally, Morgan Stanley raised their target price on shares of Prudential Financial from $108.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $121.08.

Prudential Financial 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.