Wesbanco Bank Inc. Cuts Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Wesbanco Bank Inc. reduced its stake in Prudential Financial, Inc. (NYSE:PRUFree Report) by 5.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 79,832 shares of the financial services provider’s stock after selling 4,229 shares during the quarter. Wesbanco Bank Inc.’s holdings in Prudential Financial were worth $8,279,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Morgan Stanley lifted its position in shares of Prudential Financial by 0.9% during the third quarter. Morgan Stanley now owns 6,317,338 shares of the financial services provider’s stock valued at $599,452,000 after purchasing an additional 57,531 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Prudential Financial by 4.8% in the 3rd quarter. Northern Trust Corp now owns 4,353,086 shares of the financial services provider’s stock worth $413,064,000 after buying an additional 197,422 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after acquiring an additional 388,363 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Prudential Financial by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,346,612 shares of the financial services provider’s stock valued at $243,367,000 after acquiring an additional 72,696 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Prudential Financial by 9,281.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after acquiring an additional 1,354,248 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

PRU stock traded down $0.86 during mid-day trading on Friday, hitting $113.11. 972,868 shares of the stock were exchanged, compared to its average volume of 1,479,360. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $40.61 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 0.86 and a beta of 1.35. The business has a fifty day moving average price of $115.15 and a 200 day moving average price of $109.44. Prudential Financial, Inc. has a 12 month low of $83.34 and a 12 month high of $121.39.

Prudential Financial (NYSE:PRUGet Free Report) last issued its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). The firm had revenue of $15.01 billion during the quarter, compared to analysts’ expectations of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The firm’s quarterly revenue was up 69.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.66 EPS. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.41 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. The ex-dividend date was Monday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.60%. Prudential Financial’s payout ratio is 88.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRU shares. Piper Sandler lowered their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Jefferies Financial Group raised shares of Prudential Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $121.00 to $143.00 in a research report on Wednesday, May 22nd. Evercore ISI raised their price target on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research note on Thursday, April 25th. Wells Fargo & Company lifted their price objective on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and a consensus price target of $115.25.

View Our Latest Stock Analysis on Prudential Financial

Insider Activity

In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the transaction, the executive vice president now directly owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $118.57, for a total value of $15,425,008.44. Following the sale, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total transaction of $604,933.62. Following the transaction, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

About Prudential Financial

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial, Inc. (NYSE:PRUFree Report).

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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