Prudential Financial, Inc. (NYSE:PRU) Stock Position Reduced by Guggenheim Capital LLC

Guggenheim Capital LLC reduced its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 36.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,277 shares of the financial services provider’s stock after selling 22,249 shares during the period. Guggenheim Capital LLC’s holdings in Prudential Financial were worth $4,537,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PRU. Grove Bank & Trust boosted its holdings in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after buying an additional 87 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Prudential Financial during the fourth quarter valued at approximately $29,000. CGC Financial Services LLC raised its position in shares of Prudential Financial by 82.1% during 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. acquired a new position in Prudential Financial during the 4th quarter valued at approximately $33,000. Finally, Hopwood Financial Services Inc. bought a new position in Prudential Financial during the 4th quarter worth $34,000. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Trading Up 0.8 %

Prudential Financial stock opened at $99.39 on Friday. The firm has a market cap of $35.23 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The firm’s 50 day moving average price is $107.69 and its two-hundred day moving average price is $116.89. 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 (NYSE:PRU) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (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%. On average, research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.43%. 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 dividend payout ratio is 72.29%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. BMO Capital Markets assumed coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target for the company. Barclays cut their price target on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a report on Friday, April 11th. Piper Sandler 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. Morgan Stanley cut their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Finally, Wells Fargo & Company decreased their price target on Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $121.85.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the stock in a transaction dated Tuesday, March 25th. The shares were acquired at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the acquisition, the insider now directly owns 139,987 shares in the company, valued at approximately $3,992,429.24. The trade was a 60.18 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

About Prudential Financial

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.