Prudential Financial, Inc. (NYSE:PRU) Stock Position Cut by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,029 shares of the financial services provider’s stock after selling 2,153 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Prudential Financial worth $23,483,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PRU. Seven Eight Capital LP bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $271,000. Schroder Investment Management Group lifted its holdings in shares of Prudential Financial by 1.7% during the third quarter. Schroder Investment Management Group now owns 68,174 shares of the financial services provider’s stock valued at $6,469,000 after purchasing an additional 1,136 shares during the last quarter. Toroso Investments LLC boosted its position in shares of Prudential Financial by 68.0% in the 3rd quarter. Toroso Investments LLC now owns 8,289 shares of the financial services provider’s stock valued at $787,000 after purchasing an additional 3,355 shares during the period. Moneta Group Investment Advisors LLC purchased a new position in Prudential Financial in the 3rd quarter worth about $202,000. Finally, Harbour Investments Inc. increased its position in shares of Prudential Financial by 5.1% in the third quarter. Harbour Investments Inc. now owns 4,280 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 206 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Morgan Stanley upped their price objective on shares of Prudential Financial from $120.00 to $123.00 and gave the company an “equal weight” rating in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Prudential Financial from $118.00 to $121.00 and gave the company a “market perform” rating in a report on Monday. Jefferies Financial Group cut their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. upped their target price on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $116.67.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the purchase, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Timothy L. Schmidt sold 5,189 shares of Prudential Financial stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total transaction of $604,933.62. Following the sale, the senior vice president now 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 Stock Performance

Shares of NYSE PRU traded up $0.20 during trading hours on Thursday, hitting $120.59. 40,285 shares of the company’s stock were exchanged, compared to its average volume of 1,448,917. The stock has a market capitalization of $43.29 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 0.88 and a beta of 1.34. The company’s 50-day moving average price is $117.45 and its 200-day moving average price is $111.72. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $121.39.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The business had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. During the same period in the prior year, the company posted $2.66 earnings per share. The firm’s revenue was up 69.9% compared to the same quarter last year. On average, sell-side analysts expect that Prudential Financial, Inc. will post 13.41 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, May 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

Prudential Financial 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.