Legacy Capital Group California Inc. Sells 426 Shares of Prudential Financial, Inc. (NYSE:PRU)

Legacy Capital Group California Inc. lowered its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 5.8% during the third quarter, HoldingsChannel reports. The firm owned 6,890 shares of the financial services provider’s stock after selling 426 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Prudential Financial were worth $834,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. IFM Investors Pty Ltd boosted its stake in Prudential Financial by 0.3% in the 3rd quarter. IFM Investors Pty Ltd now owns 82,144 shares of the financial services provider’s stock worth $9,948,000 after purchasing an additional 213 shares during the period. Moody Aldrich Partners LLC bought a new stake in Prudential Financial in the 3rd quarter valued at approximately $341,000. Impact Partnership Wealth LLC boosted its position in Prudential Financial by 84.8% during the 3rd quarter. Impact Partnership Wealth LLC now owns 10,721 shares of the financial services provider’s stock worth $1,298,000 after acquiring an additional 4,920 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Prudential Financial by 4,130.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after acquiring an additional 1,267,571 shares in the last quarter. Finally, TFG Advisers LLC raised its holdings in shares of Prudential Financial by 1.8% in the third quarter. TFG Advisers LLC now owns 15,841 shares of the financial services provider’s stock valued at $1,918,000 after purchasing an additional 286 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $125.36 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $44.75 billion, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 0.96 and a beta of 1.30. Prudential Financial, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52. The company has a 50-day simple moving average of $119.79 and a two-hundred day simple moving average of $117.69.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Analysts forecast that Prudential Financial, Inc. will post 13.3 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 66.84%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the transaction, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the sale, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Jefferies Financial Group lowered their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. TD Cowen assumed coverage on Prudential Financial in a research note on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target for the company. Bank of America increased their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. upped their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $123.69.

Prudential Financial Company 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.