Charles Schwab Investment Management Inc. Sells 8,758 Shares of Prudential Financial, Inc. (NYSE:PRU)

Charles Schwab Investment Management Inc. decreased its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,383,311 shares of the financial services provider’s stock after selling 8,758 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Prudential Financial were worth $288,619,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PRU. Annex Advisory Services LLC boosted its holdings in shares of Prudential Financial by 3.4% during the 2nd quarter. Annex Advisory Services LLC now owns 2,467 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 81 shares during the last quarter. Raymond James Trust N.A. boosted its stake in Prudential Financial by 1.1% during the second quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock valued at $951,000 after buying an additional 87 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Prudential Financial by 1.2% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock valued at $891,000 after buying an additional 89 shares in the last quarter. Quotient Wealth Partners LLC raised its holdings in shares of Prudential Financial by 3.9% during the 2nd quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider’s stock worth $284,000 after acquiring an additional 92 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC boosted its position in shares of Prudential Financial by 4.6% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 2,131 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 94 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the topic of several research reports. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays upped their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. TD Cowen assumed coverage on Prudential Financial in a research report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target for the company. Bank of America upped their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley dropped their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $125.69.

Prudential Financial Stock Performance

PRU stock opened at $127.92 on Friday. The firm has a market cap of $45.54 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 0.90 and a beta of 1.29. Prudential Financial, Inc. has a twelve month low of $94.92 and a twelve month high of $129.13. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $123.30 and its two-hundred day simple moving average is $119.70.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period in the previous year, the company earned $3.44 EPS. Analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a yield of 4.07%. Prudential Financial’s payout ratio is currently 46.22%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average price of $27.58 per share, for a total transaction 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 6.61 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. The trade was a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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.