Corebridge Financial Inc. Sells 4,339 Shares of Prudential Financial, Inc. (NYSE:PRU)

Corebridge Financial Inc. trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,319 shares of the financial services provider’s stock after selling 4,339 shares during the period. Corebridge Financial Inc.’s holdings in Prudential Financial were worth $9,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRU. Grove Bank & Trust boosted its holdings 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 worth $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new stake in Prudential Financial during the 4th quarter worth about $29,000. CGC Financial Services LLC boosted its stake in Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. purchased a new position in Prudential Financial during the 4th quarter valued at about $33,000. Finally, Quarry LP increased its position in shares of Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock valued at $34,000 after buying an additional 222 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Up 1.1 %

PRU stock opened at $115.62 on Thursday. The company has a market capitalization of $41.39 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a one year low of $104.45 and a one year high of $130.55. The company’s 50 day moving average price is $113.35 and its two-hundred day moving average price is $118.98.

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

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.67%. Prudential Financial’s dividend payout ratio is currently 72.29%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRU. Keefe, Bruyette & Woods decreased their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Morgan Stanley lowered their price objective on 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. Piper Sandler reduced their target price on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. BMO Capital Markets initiated coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target for the company. Finally, Jefferies Financial Group upped their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $126.15.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Prudential Financial Company 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.