Prudential Financial, Inc. (NYSE:PRU) Position Cut by Raymond James & Associates

Raymond James & Associates trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 7.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 487,109 shares of the financial services provider’s stock after selling 38,247 shares during the quarter. Raymond James & Associates owned about 0.14% of Prudential Financial worth $57,187,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Trust Co. lifted its position in Prudential Financial by 77.2% in the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 105 shares during the period. Bruce G. Allen Investments LLC acquired a new position in shares of Prudential Financial in the fourth quarter worth $26,000. Headinvest LLC acquired a new position in shares of Prudential Financial in the third quarter worth $27,000. Arlington Trust Co LLC increased its stake in shares of Prudential Financial by 151.6% in the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 185 shares during the last quarter. Finally, Pineridge Advisors LLC acquired a new position in Prudential Financial during the fourth quarter worth $36,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRU has been the subject of a number of recent analyst reports. UBS Group upped their price target on shares of Prudential Financial from $108.00 to $112.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Morgan Stanley raised their price target on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Raymond James lowered shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, February 9th. Evercore ISI raised their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company upped their price objective on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $111.42.

Prudential Financial Stock Performance

NYSE:PRU traded up $0.97 during mid-day trading on Friday, reaching $112.26. 1,028,916 shares of the company’s stock were exchanged, compared to its average volume of 1,460,168. Prudential Financial, Inc. has a one year low of $77.22 and a one year high of $118.69. The firm has a market capitalization of $40.30 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 0.83 and a beta of 1.35. The business’s fifty day simple moving average is $112.14 and its two-hundred day simple moving average is $104.33. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). The firm had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. Prudential Financial’s quarterly revenue was up 69.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.66 earnings per share. Analysts anticipate that Prudential Financial, Inc. will post 13.34 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were given a dividend of $1.30 per share. The ex-dividend date was Friday, February 16th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a yield of 4.63%. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Insider Buying and Selling

In other Prudential Financial news, EVP Andrew F. Sullivan sold 7,685 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total value of $857,415.45. Following the transaction, the executive vice president now owns 13,691 shares in the company, valued at $1,527,504.87. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Prudential Financial news, EVP Andrew F. Sullivan sold 7,685 shares of Prudential Financial stock in a transaction dated Tuesday, March 12th. The stock was 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 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 is available through the SEC website. Also, SVP Timothy L. Schmidt sold 7,912 shares of Prudential Financial stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $108.13, for a total value of $855,524.56. Following the transaction, the senior vice president now directly owns 14,754 shares in the company, valued at approximately $1,595,350.02. The disclosure for this sale can be found here. Insiders have sold a total of 29,255 shares of company stock worth $3,215,664 in the last ninety days. Company insiders own 0.31% of the company’s stock.

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.