Prudential Financial, Inc. (NYSE:PRU) Position Lessened by Benin Management CORP

Benin Management CORP decreased its stake in Prudential Financial, Inc. (NYSE:PRU) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,360 shares of the financial services provider’s stock after selling 700 shares during the period. Prudential Financial accounts for 0.7% of Benin Management CORP’s portfolio, making the stock its 24th largest position. Benin Management CORP’s holdings in Prudential Financial were worth $2,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PRU. Wellington Management Group LLP lifted its holdings in shares of Prudential Financial by 0.9% in the 4th quarter. Wellington Management Group LLP now owns 39,001 shares of the financial services provider’s stock worth $4,045,000 after purchasing an additional 337 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Prudential Financial in the 1st quarter worth approximately $215,000. Mather Group LLC. bought a new stake in shares of Prudential Financial in the 1st quarter worth approximately $80,000. Wedmont Private Capital lifted its holdings in shares of Prudential Financial by 5.8% in the 1st quarter. Wedmont Private Capital now owns 2,765 shares of the financial services provider’s stock worth $316,000 after purchasing an additional 151 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of Prudential Financial by 4.1% in the 1st quarter. Park Avenue Securities LLC now owns 7,321 shares of the financial services provider’s stock worth $859,000 after purchasing an additional 291 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PRU shares. Citigroup raised their target price on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Piper Sandler raised their target price on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Argus upgraded Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, Morgan Stanley lowered their target price on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $123.69.

Prudential Financial Price Performance

Shares of PRU stock traded down $1.09 during mid-day trading on Monday, hitting $126.31. 111,784 shares of the stock traded hands, compared to its average volume of 1,483,814. Prudential Financial, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52. The firm has a market cap of $45.35 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 0.98 and a beta of 1.30. The company’s 50-day simple moving average is $118.85 and its 200-day simple moving average is $117.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. As a group, equities research analysts expect that Prudential Financial, Inc. will post 13.29 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

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.