Naples Global Advisors LLC Decreases Stock Position in Prudential Financial, Inc. $PRU

Naples Global Advisors LLC cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 3.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,714 shares of the financial services provider’s stock after selling 505 shares during the period. Naples Global Advisors LLC’s holdings in Prudential Financial were worth $1,688,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its holdings in Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 111 shares in the last quarter. Cheviot Value Management LLC acquired a new stake in Prudential Financial in the first quarter valued at $26,000. North Capital Inc. acquired a new stake in Prudential Financial in the first quarter valued at $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 acquired a new stake in Prudential Financial in the first quarter valued at $30,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRU has been the subject of several recent research reports. Wolfe Research initiated coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They set a “peer perform” rating for the company. Wall Street Zen upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. boosted their target price 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. Piper Sandler lowered their target price on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company lowered their target price on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $122.08.

Prudential Financial Stock Down 1.1%

Prudential Financial stock opened at $101.87 on Friday. The company has a 50-day simple moving average of $105.21 and a 200-day simple moving average of $104.91. The firm has a market capitalization of $35.86 billion, a P/E ratio of 22.59, a P/E/G ratio of 0.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is currently 119.73%.

Insider Transactions at Prudential Financial

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

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.