Victory Capital Management Inc. Has $43.43 Million Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Victory Capital Management Inc. lessened its holdings in Prudential Financial, Inc. (NYSE:PRU) by 10.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 358,605 shares of the financial services provider’s stock after selling 42,440 shares during the period. Victory Capital Management Inc.’s holdings in Prudential Financial were worth $43,427,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in Prudential Financial by 12.9% during the first quarter. Sei Investments Co. now owns 57,853 shares of the financial services provider’s stock worth $6,791,000 after buying an additional 6,609 shares during the last quarter. Kingsview Wealth Management LLC grew its stake in shares of Prudential Financial by 19.3% during the first quarter. Kingsview Wealth Management LLC now owns 6,910 shares of the financial services provider’s stock valued at $811,000 after purchasing an additional 1,116 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Prudential Financial by 4.0% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 5,910 shares of the financial services provider’s stock valued at $694,000 after buying an additional 230 shares during the period. Nwam LLC acquired a new position in Prudential Financial in the first quarter valued at approximately $209,000. Finally, Banco Santander S.A. acquired a new position in Prudential Financial in the first quarter valued at approximately $555,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of several analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Barclays raised their price objective on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Piper Sandler boosted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen began coverage on shares of Prudential Financial in a report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 target price on the stock. Eleven analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Prudential Financial has a consensus rating of “Hold” and an average price target of $125.69.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was purchased at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 6.61 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the sale, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This trade represents a 16.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

NYSE PRU opened at $127.41 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $45.36 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 0.89 and a beta of 1.29. The firm’s 50 day simple moving average is $121.92 and its 200 day simple moving average is $119.11. Prudential Financial, Inc. has a 1 year low of $93.32 and a 1 year high of $129.13.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. During the same quarter last year, the business posted $3.44 earnings per share. As a group, research analysts expect that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is currently 46.22%.

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.