Amalgamated Bank Lowers Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Amalgamated Bank lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 3.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,278 shares of the financial services provider’s stock after selling 2,366 shares during the period. Amalgamated Bank’s holdings in Prudential Financial were worth $8,511,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Creekmur Asset Management LLC raised its stake in Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares during the last quarter. Lynx Investment Advisory purchased a new stake in Prudential Financial during the 2nd quarter valued at about $29,000. Strategic Financial Concepts LLC lifted its stake in Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC acquired a new position in shares of Prudential Financial during the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Prudential Financial in the first quarter valued at approximately $34,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PRU shares. TD Cowen assumed coverage on Prudential Financial in a research note on Wednesday, October 9th. They issued a “hold” rating and a $130.00 target price for the company. Bank of America raised their price objective on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Piper Sandler upped their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup lifted their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $123.85.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were bought at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Prudential Financial Stock Up 6.3 %

Shares of Prudential Financial stock opened at $127.73 on Thursday. Prudential Financial, Inc. has a 52-week low of $89.90 and a 52-week high of $129.13. The company has a 50 day moving average of $121.38 and a 200 day moving average of $118.62. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $45.47 billion, a P/E ratio of 11.35, a P/E/G ratio of 0.86 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the previous year, the firm posted $3.44 earnings per share. As a group, research analysts forecast that Prudential Financial, Inc. will post 13.32 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 46.22%.

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.