MAI Capital Management Sells 2,188 Shares of Prudential Financial, Inc. (NYSE:PRU)

MAI Capital Management reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 24.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,812 shares of the financial services provider’s stock after selling 2,188 shares during the quarter. MAI Capital Management’s holdings in Prudential Financial were worth $825,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Creekmur Asset Management LLC increased its stake in Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory acquired a new stake in shares of Prudential Financial in the second quarter valued at about $29,000. Ashton Thomas Securities LLC bought a new position in Prudential Financial in the third quarter valued at approximately $31,000. Strategic Financial Concepts LLC increased its position in shares of Prudential Financial by 1,312.4% during the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $33,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Trading Up 1.7 %

PRU stock opened at $126.26 on Friday. Prudential Financial, Inc. has a 52 week low of $93.99 and a 52 week high of $129.13. The company has a market capitalization of $44.95 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The company’s 50-day simple moving average is $123.06 and its 200 day simple moving average is $119.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The firm had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same quarter in the prior year, the business posted $3.44 EPS. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.12%. Prudential Financial’s payout ratio is 46.22%.

Insider Buying and Selling

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRU shares. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their target price for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. UBS Group boosted their price target on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Bank of America raised their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $125.69.

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.