Benin Management CORP Decreases Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Benin Management CORP lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 0.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,860 shares of the financial services provider’s stock after selling 150 shares during the quarter. Prudential Financial accounts for approximately 0.6% of Benin Management CORP’s holdings, making the stock its 26th biggest holding. Benin Management CORP’s holdings in Prudential Financial were worth $1,995,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PRU. Centricity Wealth Management LLC acquired a new position in shares of Prudential Financial in the 4th quarter valued at approximately $29,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Prudential Financial in the 4th quarter valued at about $33,000. Hopwood Financial Services Inc. acquired a new position in Prudential Financial in the fourth quarter worth about $34,000. Lee Danner & Bass Inc. acquired a new position in Prudential Financial in the fourth quarter worth about $35,000. Finally, TCTC Holdings LLC acquired a new stake in Prudential Financial during the fourth quarter valued at approximately $37,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

NYSE PRU opened at $104.48 on Wednesday. The company has a market cap of $36.99 billion, a PE ratio of 13.99, 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’s 50-day simple moving average is $103.04 and its two-hundred day simple moving average is $112.30. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. The firm had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. The business’s revenue was down 38.2% on a year-over-year basis. During the same quarter last year, the business earned $3.12 earnings per share. Research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Tuesday, May 20th. Prudential Financial’s payout ratio is 85.58%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRU. JPMorgan Chase & Co. reduced their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. UBS Group cut their target price on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Piper Sandler decreased their price objective on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Wells Fargo & Company boosted their price target on Prudential Financial from $108.00 to $113.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $120.15.

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.