Procyon Advisors LLC Sells 2,330 Shares of Prudential Financial, Inc. (NYSE:PRU)

Procyon Advisors LLC cut its stake in Prudential Financial, Inc. (NYSE:PRUFree Report) by 12.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,751 shares of the financial services provider’s stock after selling 2,330 shares during the quarter. Procyon Advisors LLC’s holdings in Prudential Financial were worth $1,967,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. PFS Partners LLC boosted its holdings in shares of Prudential Financial by 65.6% during the first quarter. PFS Partners LLC now owns 631 shares of the financial services provider’s stock worth $74,000 after acquiring an additional 250 shares during the period. Wealthcare Advisory Partners LLC increased its position in Prudential Financial by 57.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,690 shares of the financial services provider’s stock worth $1,020,000 after buying an additional 3,179 shares during the period. Clarity Financial LLC lifted its holdings in shares of Prudential Financial by 3.0% during the first quarter. Clarity Financial LLC now owns 4,728 shares of the financial services provider’s stock worth $555,000 after buying an additional 136 shares in the last quarter. St. Johns Investment Management Company LLC grew its stake in shares of Prudential Financial by 5.7% in the first quarter. St. Johns Investment Management Company LLC now owns 7,083 shares of the financial services provider’s stock valued at $832,000 after acquiring an additional 385 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Prudential Financial during the first quarter worth about $59,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Prudential Financial stock opened at $117.33 on Friday. The business has a 50 day moving average of $116.08 and a 200-day moving average of $110.70. The company has a market capitalization of $42.12 billion, a P/E ratio of 19.95, a P/E/G ratio of 0.88 and a beta of 1.35. Prudential Financial, Inc. has a 1 year low of $85.51 and a 1 year high of $121.39. 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:PRUGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). The company had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The business’s revenue for the quarter was up 69.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.66 earnings per share. On average, equities research analysts predict that Prudential Financial, Inc. will post 13.41 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend was Monday, May 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRU. Evercore ISI raised their target price 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. Piper Sandler cut their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Wells Fargo & Company boosted their price target on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and increased their price objective for the stock from $121.00 to $143.00 in a research note on Wednesday, May 22nd. Finally, Morgan Stanley upped their price target on shares of Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $115.25.

Read Our Latest Research Report on PRU

Insider Activity at Prudential Financial

In other Prudential Financial news, SVP Timothy L. Schmidt sold 5,189 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total transaction of $604,933.62. Following the sale, the senior vice president now owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction that occurred 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. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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