New York State Common Retirement Fund Sells 36,491 Shares of Prudential Financial, Inc. (NYSE:PRU)

New York State Common Retirement Fund decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 10.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 309,730 shares of the financial services provider’s stock after selling 36,491 shares during the quarter. New York State Common Retirement Fund’s holdings in Prudential Financial were worth $32,122,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PRU. International Assets Investment Management LLC lifted its position in Prudential Financial by 9,281.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after acquiring an additional 1,354,248 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Prudential Financial in the 3rd quarter valued at about $34,251,000. abrdn plc lifted its position in Prudential Financial by 37.5% in the 4th quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock valued at $114,829,000 after acquiring an additional 302,164 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Prudential Financial by 39.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,004,087 shares of the financial services provider’s stock valued at $95,278,000 after acquiring an additional 282,667 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Prudential Financial by 80.6% in the 3rd quarter. AQR Capital Management LLC now owns 562,875 shares of the financial services provider’s stock valued at $53,411,000 after acquiring an additional 251,269 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Activity

In other news, SVP Robert Axel sold 6,436 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total transaction of $719,930.96. Following the completion of the transaction, the senior vice president now directly owns 7,901 shares in the company, valued at approximately $883,805.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Andrew F. Sullivan sold 7,685 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total transaction of $857,415.45. Following the completion of the transaction, the executive vice president now directly owns 13,691 shares in the company, valued at approximately $1,527,504.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert Axel sold 6,436 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total transaction of $719,930.96. Following the transaction, the senior vice president now owns 7,901 shares of the company’s stock, valued at $883,805.86. The disclosure for this sale can be found here. Insiders sold 29,255 shares of company stock worth $3,215,664 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Down 1.4 %

Prudential Financial stock opened at $111.18 on Friday. Prudential Financial, Inc. has a 1-year low of $77.22 and a 1-year high of $118.69. The firm has a market capitalization of $39.91 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 0.76 and a beta of 1.37. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The firm has a 50 day simple moving average of $111.68 and a 200 day simple moving average of $103.61.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The business had revenue of $13.02 billion during the quarter, compared to analysts’ expectations of $12.99 billion. During the same quarter in the prior year, the firm posted $2.42 earnings per share. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. On average, analysts predict that Prudential Financial, Inc. will post 13.38 earnings per share for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were given a dividend of $1.30 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.25. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date of this dividend was Friday, February 16th. Prudential Financial’s payout ratio is 77.73%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRU shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $118.00 target price (down previously from $119.00) on shares of Prudential Financial in a research report on Wednesday, January 3rd. Morgan Stanley lifted their target price on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI lifted their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday. Wells Fargo & Company raised their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. Finally, TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $111.42.

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.