Prudential Financial, Inc. $PRU Position Lessened by VCI Wealth Management LLC

VCI Wealth Management LLC reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 51.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,888 shares of the financial services provider’s stock after selling 9,276 shares during the quarter. VCI Wealth Management LLC’s holdings in Prudential Financial were worth $922,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AlphaQuest LLC grew its position in shares of Prudential Financial by 12,250.0% during the first quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 245 shares during the last quarter. Darwin Wealth Management LLC acquired a new position in Prudential Financial during the 2nd quarter valued at about $36,000. AlphaCore Capital LLC bought a new position in Prudential Financial in the 2nd quarter worth about $39,000. Capital A Wealth Management LLC increased its stake in shares of Prudential Financial by 4,600.0% in the second quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 368 shares during the period. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Prudential Financial during the second quarter valued at approximately $51,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Stock Up 0.3%

PRU opened at $114.55 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $40.09 billion, a PE ratio of 15.73, a P/E/G ratio of 0.93 and a beta of 0.97. The stock’s fifty day moving average is $108.06 and its 200-day moving average is $106.07. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $123.88.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The firm had revenue of $8.35 billion for the quarter. On average, equities analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Tuesday, November 18th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Tuesday, November 18th. Prudential Financial’s payout ratio is presently 74.18%.

Insider Activity at Prudential Financial

In related news, EVP Caroline Feeney sold 6,555 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $116.28, for a total transaction of $762,215.40. Following the completion of the sale, the executive vice president directly owned 22,523 shares in the company, valued at approximately $2,618,974.44. This trade represents a 22.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the completion of the transaction, the chairman owned 165,564 shares in the company, valued at approximately $17,779,917.96. This trade represents a 22.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,719 shares of company stock valued at $6,796,067 over the last ninety days. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wolfe Research assumed coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a “peer perform” rating for the company. Piper Sandler boosted their price target on Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday. Evercore ISI raised their price target on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a report on Thursday, October 30th. Morgan Stanley lifted their price objective on shares of Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Mizuho initiated coverage on shares of Prudential Financial in a research report on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 target price for the company. Eleven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $118.00.

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.