Wells Fargo & Company MN Decreases Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Wells Fargo & Company MN decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,132,152 shares of the financial services provider’s stock after selling 38,784 shares during the quarter. Wells Fargo & Company MN owned 0.31% of Prudential Financial worth $117,416,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Choreo LLC increased its position in shares of Prudential Financial by 163.5% during the 4th quarter. Choreo LLC now owns 6,940 shares of the financial services provider’s stock valued at $720,000 after purchasing an additional 4,306 shares during the last quarter. FMR LLC increased its position in shares of Prudential Financial by 2.9% during the 3rd quarter. FMR LLC now owns 1,315,215 shares of the financial services provider’s stock valued at $124,801,000 after purchasing an additional 36,599 shares during the last quarter. Arvest Investments Inc. purchased a new stake in shares of Prudential Financial during the 4th quarter valued at about $2,112,000. Tyche Wealth Partners LLC purchased a new stake in shares of Prudential Financial during the 4th quarter valued at about $815,000. Finally, Victory Capital Management Inc. increased its holdings in Prudential Financial by 14.5% in the 3rd quarter. Victory Capital Management Inc. now owns 268,728 shares of the financial services provider’s stock worth $25,500,000 after acquiring an additional 34,054 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the sale, the executive vice president now directly owns 202,083 shares in the company, valued at approximately $23,960,981.31. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Robert Falzon sold 130,092 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $118.57, for a total value of $15,425,008.44. Following the completion of the sale, the executive vice president now owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The sale was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the sale, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The disclosure for this sale can be found here. Insiders sold 164,536 shares of company stock worth $19,245,606 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Trading Up 1.4 %

PRU stock opened at $119.49 on Thursday. The company has a market capitalization of $42.90 billion, a PE ratio of 20.32, a P/E/G ratio of 0.88 and a beta of 1.35. Prudential Financial, Inc. has a 12 month low of $78.40 and a 12 month high of $121.39. The firm’s 50-day moving average is $114.43 and its 200 day moving average is $106.85. 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 (NYSE:PRU) last posted its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 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 for the quarter was up 69.9% on a year-over-year basis. During the same period last year, the business posted $2.66 EPS. On average, research analysts anticipate that Prudential Financial, Inc. will post 13.42 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st will be given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date of this dividend is Monday, May 20th. Prudential Financial’s payout ratio is currently 88.44%.

Analysts Set New Price Targets

Several research firms recently issued reports on PRU. TheStreet raised shares of Prudential Financial from a “c+” rating to an “a-” rating in a report on Tuesday, February 6th. Piper Sandler dropped their price target 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. UBS Group upped their price target on Prudential Financial from $108.00 to $112.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Morgan Stanley increased 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. Finally, Evercore ISI increased their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $115.25.

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.