WBI Investments LLC Decreases Holdings in Prudential Financial, Inc. $PRU

WBI Investments LLC cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 9.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,619 shares of the financial services provider’s stock after selling 867 shares during the quarter. WBI Investments LLC’s holdings in Prudential Financial were worth $963,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PRU. GAMMA Investing LLC increased its position in shares of Prudential Financial by 11,280.3% during the 1st quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider’s stock valued at $96,923,000 after purchasing an additional 860,239 shares during the last quarter. Nuveen LLC purchased a new stake in Prudential Financial in the 1st quarter worth about $90,010,000. Goldman Sachs Group Inc. increased its holdings in Prudential Financial by 19.2% in the 1st 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Prudential Financial by 11.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider’s stock worth $404,230,000 after acquiring an additional 352,335 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Prudential Financial in the 4th quarter worth about $25,796,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Performance

Shares of PRU opened at $105.73 on Thursday. The company has a market cap of $37.22 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 0.94 and a beta of 1.07. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $105.72 and a 200-day moving average price of $105.59. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.36. The firm 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 company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $3.39 EPS. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 119.73%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PRU shares. Morgan Stanley lifted their price objective on Prudential Financial from $113.00 to $117.00 and gave the stock an “equal weight” rating in a report on Monday, August 18th. UBS Group decreased their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a report on Tuesday, May 27th. Wall Street Zen raised Prudential Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Finally, Piper Sandler decreased their price objective on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $122.08.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president directly 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This represents a 112.29% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.25% 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.