Tyche Wealth Partners LLC Lowers Position in Prudential Financial, Inc. $PRU

Tyche Wealth Partners LLC lessened its position in Prudential Financial, Inc. (NYSE:PRU) by 30.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,705 shares of the financial services provider’s stock after selling 1,591 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Prudential Financial were worth $398,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. lifted its stake in shares of Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock valued at $495,859,000 after purchasing an additional 116,079 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Prudential Financial by 19.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock worth $469,777,000 after acquiring an additional 678,028 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Prudential Financial by 5.6% in the first quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider’s stock worth $201,201,000 after acquiring an additional 95,021 shares during the last quarter. Amundi boosted its stake in Prudential Financial by 14.1% in the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider’s stock worth $183,571,000 after purchasing an additional 216,119 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Prudential Financial by 2.3% in the 1st quarter. Deutsche Bank AG now owns 1,284,466 shares of the financial services provider’s stock worth $143,449,000 after purchasing an additional 29,025 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Prudential Financial Stock Up 0.4%

PRU stock opened at $103.68 on Wednesday. The stock has a market capitalization of $36.49 billion, a P/E ratio of 22.99, a P/E/G ratio of 0.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The business has a fifty day moving average price of $105.18 and a 200-day moving average price of $104.74.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.36. The company had revenue of $13.50 billion during the quarter, compared to analysts’ expectations of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.Prudential Financial’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.39 earnings per share. Equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio is 119.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRU. Barclays upped their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 17th. Wells Fargo & Company dropped their price target on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley upped their price target on shares of Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Wall Street Zen upgraded Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Prudential Financial in a research note on Saturday, September 27th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $122.17.

About Prudential Financial

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.