Cinctive Capital Management LP Sells 8,057 Shares of Prudential Financial, Inc. (NYSE:PRU)

Cinctive Capital Management LP reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 23.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,617 shares of the financial services provider’s stock after selling 8,057 shares during the quarter. Cinctive Capital Management LP’s holdings in Prudential Financial were worth $3,036,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Prudential Financial in the fourth quarter worth about $115,878,000. Nordea Investment Management AB boosted its position in Prudential Financial by 176.8% in the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after purchasing an additional 665,180 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Prudential Financial during the 4th quarter valued at approximately $76,303,000. Amundi lifted its stake in shares of Prudential Financial by 32.7% in the 4th quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock valued at $181,851,000 after purchasing an additional 378,266 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Prudential Financial by 4.1% during the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock worth $1,047,872,000 after buying an additional 341,787 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the business’s 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 sale, the executive vice president now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on shares of Prudential Financial from $124.00 to $122.00 and set a “neutral” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday. Morgan Stanley cut their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. UBS Group dropped their price target on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets assumed coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price objective on the stock. One research analyst has 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 data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and an average target price of $126.08.

Prudential Financial Trading Up 1.0 %

PRU opened at $112.83 on Thursday. The firm has a market capitalization of $40.39 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 0.98 and a beta of 1.28. The company’s 50 day simple moving average is $112.69 and its two-hundred day simple moving average is $118.87. Prudential Financial, Inc. has a 1-year low of $104.45 and a 1-year high of $130.55. 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 (NYSE:PRU) last announced its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 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%. Analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a $1.35 dividend. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 4.79%. Prudential Financial’s dividend payout ratio is 72.29%.

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.