Prudential Financial, Inc. $PRU Shares Sold by Sound Income Strategies LLC

Sound Income Strategies LLC reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 89.4% in the 1st quarter, Holdings Channel reports. The fund owned 4,539 shares of the financial services provider’s stock after selling 38,429 shares during the period. Sound Income Strategies LLC’s holdings in Prudential Financial were worth $445,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after buying an additional 133 shares during the period. Empowered Funds LLC grew its holdings in Prudential Financial by 30.5% in the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock valued at $1,976,000 after buying an additional 4,134 shares during the period. Brown Advisory Inc. increased its stake in shares of Prudential Financial by 3.5% during the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock valued at $447,000 after acquiring an additional 140 shares during the last quarter. AXA S.A. lifted its holdings in shares of Prudential Financial by 25.8% during the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock worth $6,092,000 after acquiring an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Prudential Financial by 15.1% during the 2nd quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock worth $4,005,000 after acquiring an additional 4,895 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PRU. Mizuho boosted their target price on shares of Prudential Financial from $96.00 to $101.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Piper Sandler increased their price target on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Barclays lifted their price target on shares of Prudential Financial from $89.00 to $90.00 and gave the company an “underweight” rating in a report on Wednesday, May 6th. UBS Group dropped their price objective on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Finally, Keefe, Bruyette & Woods increased their target price on Prudential Financial from $100.00 to $106.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $101.92.

Prudential Financial Stock Down 0.1%

PRU opened at $112.83 on Friday. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $119.76. The firm has a 50 day moving average price of $103.68 and a 200 day moving average price of $104.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $39.15 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 2.06 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The firm had revenue of $15.23 billion for the quarter, compared to analysts’ expectations of $14.10 billion. During the same period in the previous year, the company posted $3.29 earnings per share. Sell-side analysts expect that Prudential Financial, Inc. will post 13.81 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a dividend of $1.40 per share. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 annualized dividend and a dividend yield of 5.0%. Prudential Financial’s payout ratio is presently 57.61%.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.