Associated Banc Corp Sells 3,987 Shares of Prudential Financial, Inc. (NYSE:PRU)

Associated Banc Corp cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,152 shares of the financial services provider’s stock after selling 3,987 shares during the quarter. Associated Banc Corp’s holdings in Prudential Financial were worth $5,826,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PRU. Grove Bank & Trust raised its position in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial in the fourth quarter valued at about $29,000. Ashton Thomas Securities LLC bought a new position in Prudential Financial during the third quarter worth about $31,000. CGC Financial Services LLC increased its position in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 124 shares during the period. Finally, Wingate Wealth Advisors Inc. bought a new position in Prudential Financial during the fourth quarter worth about $33,000. 56.83% of the stock is owned by institutional investors.

Prudential Financial Trading Up 3.4 %

Shares of Prudential Financial stock opened at $108.64 on Friday. The firm has a market capitalization of $38.89 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm’s 50 day moving average is $114.31 and its 200 day moving average is $119.37. Prudential Financial, Inc. has a 1 year low of $104.45 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.97%. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s payout ratio is presently 72.29%.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the acquisition, the insider now directly owns 87,047 shares of the company’s stock, valued at $2,499,989.84. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PRU. Barclays raised their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Morgan Stanley lowered their price target on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. TD Cowen boosted their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Piper Sandler dropped their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $126.15.

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.