Wedge Capital Management L L P NC Sells 31,461 Shares of Prudential Financial, Inc. $PRU

Wedge Capital Management L L P NC cut its position in Prudential Financial, Inc. (NYSE:PRU) by 9.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 294,606 shares of the financial services provider’s stock after selling 31,461 shares during the period. Wedge Capital Management L L P NC owned approximately 0.08% of Prudential Financial worth $33,255,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Prudential Financial in the 2nd quarter valued at approximately $122,778,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Prudential Financial by 183.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 804,316 shares of the financial services provider’s stock worth $83,440,000 after purchasing an additional 520,425 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Prudential Financial during the second quarter valued at $40,552,000. Canada Pension Plan Investment Board boosted its position in shares of Prudential Financial by 209.2% during the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock valued at $55,871,000 after buying an additional 351,849 shares during the last quarter. Finally, Algebris UK Ltd. bought a new stake in Prudential Financial in the 3rd quarter worth about $36,298,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. UBS Group upped their target price on shares of Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Piper Sandler lifted their price target on shares of Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 23rd. Evercore reissued a “negative” rating on shares of Prudential Financial in a report on Friday, March 6th. Barclays dropped their target price on shares of Prudential Financial from $124.00 to $119.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 11th. Finally, Morgan Stanley cut their target price on shares of Prudential Financial from $120.00 to $111.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Nine research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $113.89.

Prudential Financial Trading Down 2.1%

Prudential Financial stock opened at $93.23 on Friday. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $119.76. The company has a market cap of $32.44 billion, a P/E ratio of 9.32, a P/E/G ratio of 1.17 and a beta of 0.98. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $101.16 and a two-hundred day simple moving average of $105.59.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). The business had revenue of $14.52 billion during the quarter, compared to the consensus estimate of $14.48 billion. Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.During the same quarter last year, the company earned $2.96 EPS. Analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Tuesday, February 17th were paid a dividend of $1.40 per share. The ex-dividend date was Tuesday, February 17th. This represents a $5.60 annualized dividend and a dividend yield of 6.0%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.35. Prudential Financial’s dividend payout ratio is 56.00%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, Director Thomas D. Stoddard acquired 250 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was purchased at an average price of $102.97 per share, with a total value of $25,742.50. Following the transaction, the director directly owned 250 shares in the company, valued at approximately $25,742.50. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jacques Chappuis bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was bought at an average cost of $100.97 per share, for a total transaction of $100,970.00. Following the completion of the acquisition, the executive vice president owned 1,000 shares in the company, valued at $100,970. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 1,408,389 shares of company stock worth $35,154,439. 0.25% of the stock is currently owned by insiders.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.