SeaCrest Wealth Management LLC Sells 1,152 Shares of Prudential Financial, Inc. (NYSE:PRU)

SeaCrest Wealth Management LLC lessened its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 20.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,376 shares of the financial services provider’s stock after selling 1,152 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Prudential Financial were worth $514,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Prudential Financial by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after buying an additional 5,154,865 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Prudential Financial by 9,281.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after acquiring an additional 1,354,248 shares in the last quarter. Norges Bank bought a new position in shares of Prudential Financial in the fourth quarter worth $113,478,000. Dimensional Fund Advisors LP grew its position in shares of Prudential Financial by 10.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after purchasing an additional 388,363 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Prudential Financial in the third quarter valued at approximately $34,251,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $118.55 on Wednesday. Prudential Financial, Inc. has a 12 month low of $87.57 and a 12 month high of $121.39. The firm has a market capitalization of $42.56 billion, a P/E ratio of 20.16, a P/E/G ratio of 0.88 and a beta of 1.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $116.50 and a two-hundred day simple moving average of $111.05.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). The business had revenue of $15.01 billion for the quarter, compared to analysts’ expectations of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company’s revenue was up 69.9% on a year-over-year basis. During the same period last year, the business earned $2.66 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 13.41 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were paid a $1.30 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.39%. Prudential Financial’s payout ratio is currently 88.44%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PRU shares. Morgan Stanley raised their price objective on shares of Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI increased their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Jefferies Financial Group cut their price target on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Piper Sandler lowered their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Finally, Wells Fargo & Company raised their price target on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $115.92.

Insider Activity at Prudential Financial

In other news, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of Prudential Financial stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares in the company, valued at $107,065,062.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total value of $604,933.62. Following the transaction, the senior vice president now directly owns 12,236 shares in the company, valued at $1,426,472.88. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

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.