Metropolitan Life Insurance Co NY cut its position in shares of Prudential Financial Inc (NYSE:PRU) by 0.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,005 shares of the financial services provider’s stock after selling 480 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Prudential Financial were worth $5,487,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Coastal Capital Group Inc. bought a new position in shares of Prudential Financial in the second quarter valued at approximately $25,000. WealthStone Inc. acquired a new position in Prudential Financial during the second quarter worth about $25,000. Virtus ETF Advisers LLC bought a new stake in Prudential Financial in the second quarter worth about $26,000. Bartlett & Co. LLC lifted its holdings in Prudential Financial by 163.0% in the 2nd quarter. Bartlett & Co. LLC now owns 263 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 163 shares during the last quarter. Finally, Ibex Wealth Advisors bought a new position in shares of Prudential Financial during the 2nd quarter valued at about $26,000. 62.20% of the stock is owned by institutional investors.
A number of analysts recently weighed in on PRU shares. Wells Fargo & Co cut shares of Prudential Financial from an “outperform” rating to a “market perform” rating and set a $92.00 target price for the company. in a report on Tuesday, November 5th. Morgan Stanley dropped their price target on Prudential Financial from $110.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. UBS Group boosted their target price on Prudential Financial from $84.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Citigroup lowered Prudential Financial from a “neutral” rating to a “sell” rating and reduced their price target for the company from $88.00 to $86.00 in a report on Monday, November 25th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $110.00 price objective on shares of Prudential Financial in a research report on Sunday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $96.81.
Prudential Financial (NYSE:PRU) last issued its earnings results on Monday, November 4th. The financial services provider reported $3.22 EPS for the quarter, topping the consensus estimate of $3.07 by $0.15. Prudential Financial had a return on equity of 8.45% and a net margin of 6.67%. The firm had revenue of $12.93 billion during the quarter, compared to analysts’ expectations of $14.27 billion. During the same period last year, the business earned $3.15 earnings per share. As a group, research analysts expect that Prudential Financial Inc will post 11.74 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th were issued a $1.00 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.24%. Prudential Financial’s payout ratio is presently 34.22%.
In related news, EVP Scott Sleyster sold 12,994 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $90.00, for a total value of $1,169,460.00. Following the sale, the executive vice president now owns 55,746 shares of the company’s stock, valued at approximately $5,017,140. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.76% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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