Pinnacle Financial Partners Inc Has $374,000 Position in Prudential Financial, Inc. (NYSE:PRU)

Pinnacle Financial Partners Inc trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,090 shares of the financial services provider’s stock after selling 159 shares during the period. Pinnacle Financial Partners Inc’s holdings in Prudential Financial were worth $374,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Creekmur Asset Management LLC grew its stake in Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new position in Prudential Financial during the second quarter worth $29,000. Ashton Thomas Securities LLC bought a new stake in Prudential Financial during the third quarter worth $31,000. Strategic Financial Concepts LLC lifted its stake in Prudential Financial by 1,312.4% in the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 25,027 shares during the last quarter. Finally, Crewe Advisors LLC bought a new position in shares of Prudential Financial in the 1st quarter valued at about $33,000. Institutional investors own 56.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRU shares. Wells Fargo & Company raised their target price on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Bank of America raised their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Citigroup increased their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, UBS Group increased their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Eleven analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $125.69.

Prudential Financial Stock Performance

Shares of NYSE:PRU opened at $125.75 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12-month low of $93.32 and a 12-month high of $129.13. The company’s 50 day moving average price is $121.76 and its two-hundred day moving average price is $119.06. The firm has a market cap of $44.77 billion, a PE ratio of 11.18, a PEG ratio of 0.89 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.01. The firm had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the previous year, the firm earned $3.44 EPS. Equities research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a yield of 4.14%. Prudential Financial’s payout ratio is 46.22%.

Insider Buying and Selling at Prudential Financial

In related news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.