Arvest Investments Inc. Sells 2,025 Shares of Prudential Financial, Inc. (NYSE:PRU)

Arvest Investments Inc. lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 12.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,726 shares of the financial services provider’s stock after selling 2,025 shares during the quarter. Arvest Investments Inc.’s holdings in Prudential Financial were worth $1,783,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc increased its stake in Prudential Financial by 9.4% in the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after buying an additional 305,143 shares during the last quarter. abrdn plc grew its stake in Prudential Financial by 4.0% in the third quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after purchasing an additional 50,026 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Prudential Financial by 4,130.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock valued at $157,219,000 after buying an additional 1,267,571 shares during the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Prudential Financial by 2.3% in the third quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider’s stock valued at $153,312,000 after buying an additional 28,459 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in Prudential Financial by 8.8% in the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock valued at $120,181,000 after acquiring an additional 82,620 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRU shares. UBS Group raised their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Piper Sandler lifted their target price on Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Barclays raised their price target on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company lifted their target price on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and an average target price of $123.85.

Prudential Financial Price Performance

Prudential Financial stock traded down $1.99 during midday trading on Friday, reaching $121.89. The company’s stock had a trading volume of 2,012,036 shares, compared to its average volume of 1,498,765. The stock has a market cap of $43.39 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52 week low of $90.56 and a 52 week high of $129.13. The business has a 50-day moving average price of $121.48 and a 200-day moving average price of $118.77.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. During the same quarter last year, the business posted $3.44 earnings per share. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company’s stock in a transaction dated Tuesday, October 8th. The stock was purchased 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 owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

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.