Carson Advisory Inc. Cuts Position in Prudential Financial, Inc. (NYSE:PRU)

Carson Advisory Inc. trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,200 shares of the financial services provider’s stock after selling 199 shares during the period. Carson Advisory Inc.’s holdings in Prudential Financial were worth $916,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider’s stock worth $2,320,000 after buying an additional 721 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Prudential Financial by 728.4% during the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider’s stock worth $94,000 after buying an additional 743 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Prudential Financial by 9.7% during the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider’s stock worth $279,000 after buying an additional 222 shares during the period. Bridgewater Associates LP increased its stake in shares of Prudential Financial by 41.8% during the fourth quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider’s stock worth $46,031,000 after buying an additional 114,459 shares during the period. Finally, Sound Income Strategies LLC increased its stake in shares of Prudential Financial by 9.0% during the first quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider’s stock worth $3,954,000 after buying an additional 2,913 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRU shares. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. UBS Group dropped their price target on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Wall Street Zen lowered shares of Prudential Financial from a “hold” rating to a “sell” rating in a research note on Saturday, July 5th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Prudential Financial from $120.00 to $117.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $121.62.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $103.10 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17. The stock has a fifty day moving average price of $105.32 and a 200 day moving average price of $108.50. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a market cap of $36.50 billion, a PE ratio of 16.34, a P/E/G ratio of 0.97 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm had revenue of $13.61 billion during the quarter, compared to the consensus estimate of $14.76 billion. During the same period last year, the company earned $3.12 earnings per share. The company’s revenue for the quarter was down 38.2% on a year-over-year basis. Sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.24%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s dividend payout ratio is presently 85.58%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The stock was bought at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company’s stock.

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.