Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Manhattan West Asset Management LLC

Manhattan West Asset Management LLC lessened its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,758 shares of the financial services provider’s stock after selling 361 shares during the period. Manhattan West Asset Management LLC’s holdings in Prudential Financial were worth $801,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PRU. Y Intercept Hong Kong Ltd bought a new stake in Prudential Financial during the third quarter valued at $486,000. Barclays PLC raised its stake in Prudential Financial by 11.0% during the third quarter. Barclays PLC now owns 1,062,776 shares of the financial services provider’s stock worth $128,700,000 after acquiring an additional 105,089 shares during the period. Vestcor Inc lifted its holdings in Prudential Financial by 15.4% in the third quarter. Vestcor Inc now owns 7,009 shares of the financial services provider’s stock worth $849,000 after acquiring an additional 937 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Prudential Financial by 1.9% during the third quarter. Toronto Dominion Bank now owns 191,652 shares of the financial services provider’s stock valued at $23,209,000 after purchasing an additional 3,615 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in shares of Prudential Financial by 3.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 57,194 shares of the financial services provider’s stock worth $7,315,000 after purchasing an additional 1,729 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Stock Up 0.2 %

NYSE PRU opened at $98.70 on Friday. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The company has a market capitalization of $34.98 billion, a P/E ratio of 13.21, a PEG ratio of 0.98 and a beta of 1.11. The company’s 50 day simple moving average is $108.98 and its 200 day simple moving average is $117.58. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted 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 expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed 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 annualized dividend and a yield of 5.47%. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s payout ratio is presently 72.29%.

Insiders Place Their Bets

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’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 transaction of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was bought at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the purchase, the insider now owns 139,987 shares in the company, valued at approximately $3,992,429.24. This trade represents a 60.18 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of several analyst reports. Barclays dropped their target price on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods cut their price objective on shares of Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a research report on Wednesday. Wells Fargo & Company dropped their price target on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Thursday. BMO Capital Markets started coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price objective for the company. Finally, UBS Group cut their target price on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus price target of $122.77.

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.