Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 51.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 194,837 shares of the financial services provider’s stock after selling 203,320 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Prudential Financial were worth $23,094,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRU. Dynamic Technology Lab Private Ltd purchased a new position in shares of Prudential Financial during the third quarter worth $283,000. FMR LLC boosted its holdings in Prudential Financial by 31.3% during the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock valued at $174,903,000 after acquiring an additional 344,254 shares during the period. Freedom Investment Management Inc. grew its position in Prudential Financial by 14.0% in the 3rd quarter. Freedom Investment Management Inc. now owns 3,478 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 427 shares in the last quarter. Glenmede Trust Co. NA increased its stake in Prudential Financial by 7.4% during the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider’s stock worth $2,176,000 after purchasing an additional 1,234 shares during the period. Finally, Fiduciary Trust Co purchased a new position in shares of Prudential Financial in the third quarter valued at approximately $252,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This trade represents a 18.14 % 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

A number of research firms have issued reports on PRU. Piper Sandler reduced their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Wells Fargo & Company increased their price objective on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 19th. BMO Capital Markets began coverage on Prudential Financial in a research note on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price for the company. Jefferies Financial Group increased their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Morgan Stanley cut their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $126.15.

Prudential Financial Stock Performance

Shares of PRU stock opened at $109.94 on Monday. Prudential Financial, Inc. has a 1 year low of $104.45 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $39.36 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 0.98 and a beta of 1.28. The stock’s 50-day moving average is $113.09 and its two-hundred day moving average is $118.98.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

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.