Prudential Financial, Inc. (NYSE:PRU) Shares Sold by IHT Wealth Management LLC

IHT Wealth Management LLC decreased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 9.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,581 shares of the financial services provider’s stock after selling 808 shares during the period. IHT Wealth Management LLC’s holdings in Prudential Financial were worth $899,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRU. Grove Bank & Trust increased its holdings in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new position in Prudential Financial in the 4th quarter valued at $29,000. CGC Financial Services LLC increased its stake in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after buying an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new position in Prudential Financial during the 4th quarter worth $33,000. Finally, Hopwood Financial Services Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insiders Place Their Bets

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was bought at an average price of $28.52 per share, with a total value of $1,500,009.40. Following the acquisition, the insider now owns 139,987 shares in the company, valued at $3,992,429.24. This trade represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by insiders.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $104.04 on Friday. The stock has a market cap of $36.87 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. The business’s fifty day moving average price is $106.82 and its two-hundred day moving average price is $116.34. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. 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 (NYSE:PRU) last released its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.19%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRU shares. Morgan Stanley cut their price target 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 cut their target price on Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating for the company in a research note on Thursday, April 10th. BMO Capital Markets started coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target on the stock. Piper Sandler cut their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Finally, Barclays lowered their price target on shares of Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $121.85.

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.