Confluence Wealth Services Inc. Decreases Position in Prudential Financial, Inc. $PRU

Confluence Wealth Services Inc. lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.8% during the second quarter, Holdings Channel reports. The fund owned 2,196 shares of the financial services provider’s stock after selling 293 shares during the period. Confluence Wealth Services Inc.’s holdings in Prudential Financial were worth $236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its holdings in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 111 shares during the period. Cheviot Value Management LLC acquired a new position in shares of Prudential Financial during the first quarter worth about $26,000. North Capital Inc. purchased a new stake in shares of Prudential Financial during the first quarter worth approximately $28,000. AlphaQuest LLC raised its holdings in Prudential Financial by 12,250.0% in the first quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in Prudential Financial in the first quarter worth approximately $30,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares of the company’s stock, valued at $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PRU has been the topic of a number of analyst reports. Piper Sandler reduced their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, July 16th. Barclays increased their target price on Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prudential Financial in a report on Saturday, September 27th. Wolfe Research assumed coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a “peer perform” rating on the stock. Finally, Morgan Stanley boosted their target price on Prudential Financial from $113.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, August 18th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $122.08.

Prudential Financial Trading Down 0.8%

NYSE:PRU opened at $103.21 on Tuesday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The stock’s 50 day moving average price is $105.18 and its 200 day moving average price is $104.74. The company has a market capitalization of $36.33 billion, a PE ratio of 22.88, a P/E/G ratio of 0.92 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the firm posted $3.39 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is presently 119.73%.

Prudential Financial Company 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.