Maryland State Retirement & Pension System Trims Stake in Prudential Financial, Inc. (NYSE:PRU)

Maryland State Retirement & Pension System reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 6.5% in the 4th quarter, Holdings Channel reports. The firm owned 19,193 shares of the financial services provider’s stock after selling 1,339 shares during the period. Maryland State Retirement & Pension System’s holdings in Prudential Financial were worth $2,275,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Grove Bank & Trust increased its position in 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 acquiring an additional 87 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Prudential Financial during the 4th quarter worth approximately $29,000. CGC Financial Services LLC raised its stake 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 buying an additional 124 shares in the last quarter. Wingate Wealth Advisors Inc. purchased a new position in shares of Prudential Financial during the 4th quarter worth approximately $33,000. Finally, Quarry LP raised its stake in shares of Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after buying an additional 222 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 0.1 %

NYSE:PRU opened at $110.76 on Friday. The business’s 50-day moving average is $113.65 and its two-hundred day moving average is $119.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 12 month low of $104.45 and a 12 month high of $130.55. The firm has a market capitalization of $39.65 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last announced 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%. Research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were issued a $1.35 dividend. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s payout ratio is currently 72.29%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the purchase, the insider now directly owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Piper Sandler dropped their price objective on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Jefferies Financial Group increased their target price on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. BMO Capital Markets assumed coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Keefe, Bruyette & Woods decreased their price objective on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Finally, Barclays raised their price objective on Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and an average price target of $126.15.

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.