Raymond James Financial Inc. Lowers Position in Prudential Financial, Inc. $PRU

Raymond James Financial Inc. lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 12.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 563,643 shares of the financial services provider’s stock after selling 80,098 shares during the quarter. Raymond James Financial Inc.’s holdings in Prudential Financial were worth $62,948,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. SPC Financial Inc. increased its position in Prudential Financial by 2.6% during the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider’s stock valued at $444,000 after acquiring an additional 100 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 101 shares during the period. Principle Wealth Partners LLC lifted its position in shares of Prudential Financial by 0.3% during the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider’s stock valued at $4,723,000 after buying an additional 109 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Prudential Financial by 90.2% during the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after buying an additional 111 shares during the last quarter. Finally, Northcape Wealth Management LLC lifted its position in shares of Prudential Financial by 5.8% during the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider’s stock valued at $235,000 after buying an additional 115 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Insiders Place Their Bets

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

Prudential Financial Trading Up 0.8%

NYSE:PRU opened at $107.0670 on Thursday. The stock has a fifty day moving average price of $105.03 and a two-hundred day moving average price of $106.07. The stock has a market capitalization of $37.69 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 0.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.36. The company had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.Prudential Financial’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.39 earnings per share. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 119.73%.

Wall Street Analysts Forecast Growth

PRU has been the topic of several research reports. Wells Fargo & Company cut their price target on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 16th. Piper Sandler decreased their price objective on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, July 16th. Wall Street Zen upgraded Prudential Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, UBS Group reduced their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $122.08.

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.