Evolve Private Wealth LLC Sells 4,904 Shares of Prudential Financial, Inc. $PRU

Evolve Private Wealth LLC reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 55.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,869 shares of the financial services provider’s stock after selling 4,904 shares during the quarter. Evolve Private Wealth LLC’s holdings in Prudential Financial were worth $418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of PRU. Jessup Wealth Management Inc bought a new position in Prudential Financial during the fourth quarter valued at about $25,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Prudential Financial in the 4th quarter worth approximately $26,000. Basepoint Wealth LLC bought a new stake in shares of Prudential Financial in the 4th quarter worth approximately $30,000. Coston McIsaac & Partners grew its holdings in shares of Prudential Financial by 93.4% during the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 128 shares in the last quarter. Finally, SJS Investment Consulting Inc. increased its position in shares of Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 134 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of PRU stock opened at $120.09 on Wednesday. The stock’s fifty day simple moving average is $117.15 and its 200 day simple moving average is $105.90. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $127.72. The firm has a market cap of $41.43 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 2.32 and a beta of 0.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same period in the prior year, the company posted $3.58 earnings per share. On average, analysts expect that Prudential Financial, Inc. will post 14.24 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is 50.72%.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the transaction, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann M. Kappler sold 7,652 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. This represents a 34.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. TD Cowen raised their target price on Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. Jefferies Financial Group boosted their price target on shares of Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a report on Friday, July 10th. Barclays raised their price objective on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Tuesday, July 7th. Argus lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Prudential Financial from $129.00 to $131.00 and gave the company a “neutral” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $109.31.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.