Douglas Lane & Associates LLC Sells 73,164 Shares of Prudential Financial, Inc. $PRU

Douglas Lane & Associates LLC lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 24.5% during the second quarter, Holdings Channel reports. The firm owned 225,249 shares of the financial services provider’s stock after selling 73,164 shares during the period. Douglas Lane & Associates LLC’s holdings in Prudential Financial were worth $24,201,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. SPC Financial Inc. lifted its holdings in shares of Prudential Financial by 2.6% in the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 100 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 101 shares in the last quarter. Principle Wealth Partners LLC increased its position in shares of Prudential Financial by 0.3% during the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider’s stock valued at $4,723,000 after acquiring an additional 109 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of Prudential Financial by 90.2% during the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 111 shares during the last quarter. Finally, Northcape Wealth Management LLC increased its position in shares of Prudential Financial by 5.8% during the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 115 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 16th. UBS Group decreased their price target on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Barclays increased their price target on Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, July 17th. Morgan Stanley increased their price target on Prudential Financial from $113.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, August 18th. Finally, JPMorgan Chase & Co. increased their price target on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $122.08.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The stock was bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the transaction, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Prudential Financial Stock Performance

NYSE:PRU opened at $106.94 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The business has a fifty day simple moving average of $105.61 and a two-hundred day simple moving average of $105.49. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a market capitalization of $37.64 billion, a P/E ratio of 23.71, a P/E/G ratio of 0.95 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the business posted $3.39 earnings per share. On average, analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were given a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. Prudential Financial’s payout ratio is 119.73%.

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.