Prudential Financial, Inc. (NYSE:PRU) Position Cut by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 1.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 196,135 shares of the financial services provider’s stock after selling 3,894 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Prudential Financial worth $22,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hobbs Group Advisors LLC bought a new position in Prudential Financial in the 2nd quarter worth approximately $38,000. Pallas Capital Advisors LLC bought a new position in Prudential Financial during the 2nd quarter valued at $254,000. Neo Ivy Capital Management bought a new position in Prudential Financial during the 2nd quarter valued at $3,679,000. First Horizon Advisors Inc. boosted its stake in Prudential Financial by 0.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 156,044 shares of the financial services provider’s stock valued at $18,287,000 after purchasing an additional 396 shares in the last quarter. Finally, Means Investment CO. Inc. boosted its stake in Prudential Financial by 2.0% during the 2nd quarter. Means Investment CO. Inc. now owns 12,300 shares of the financial services provider’s stock valued at $1,441,000 after purchasing an additional 240 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Stock Down 2.2 %

Shares of NYSE:PRU traded down $2.53 during trading on Tuesday, reaching $113.24. 1,311,307 shares of the company traded hands, compared to its average volume of 1,514,133. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. 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 firm has a market cap of $40.65 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 0.86 and a beta of 1.34. The firm has a fifty day simple moving average of $117.72 and a 200 day simple moving average of $114.62.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRU shares. UBS Group increased their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Piper Sandler decreased their price target on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. JPMorgan Chase & Co. increased their price target on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Jefferies Financial Group cut their price objective on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $119.33.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of Prudential Financial stock in a transaction on Thursday, June 20th. The stock was purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by company insiders.

Prudential Financial 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.