Concord Wealth Partners Sells 196 Shares of Prudential Financial, Inc. (NYSE:PRU)

Concord Wealth Partners lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 40.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 292 shares of the financial services provider’s stock after selling 196 shares during the quarter. Concord Wealth Partners’ holdings in Prudential Financial were worth $33,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. North Capital Inc. bought a new position in Prudential Financial in the 1st quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new position in Prudential Financial during the 1st quarter worth approximately $30,000. Lee Danner & Bass Inc. purchased a new stake in Prudential Financial in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Prudential Financial in the 4th quarter valued at about $38,000. Finally, Park Place Capital Corp lifted its holdings in shares of Prudential Financial by 1,841.2% during the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 313 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the company’s stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company decreased their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday. Barclays upped their target price on Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday. UBS Group cut their target price on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, May 27th. JPMorgan Chase & Co. raised their price target on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Piper Sandler decreased their price target on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $121.62.

Prudential Financial Stock Up 0.9%

Shares of NYSE:PRU opened at $103.10 on Friday. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. The firm has a market capitalization of $36.50 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.97 and a beta of 1.07. The stock has a 50 day moving average price of $105.32 and a 200-day moving average price of $108.50.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $14.76 billion. During the same period last year, the firm earned $3.12 earnings per share. The business’s quarterly revenue was down 38.2% on a year-over-year basis. As a group, equities research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.24%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s payout ratio is 85.58%.

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.