Lumbard & Kellner LLC Reduces Stake in Prudential Financial, Inc. (NYSE:PRU)

Lumbard & Kellner LLC trimmed its stake in Prudential Financial, Inc. (NYSE:PRUFree Report) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,774 shares of the financial services provider’s stock after selling 218 shares during the quarter. Prudential Financial makes up about 3.9% of Lumbard & Kellner LLC’s portfolio, making the stock its 7th biggest holding. Lumbard & Kellner LLC’s holdings in Prudential Financial were worth $6,718,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Mitchell Sinkler & Starr PA increased its holdings in Prudential Financial by 29.5% during the fourth quarter. Mitchell Sinkler & Starr PA now owns 7,464 shares of the financial services provider’s stock worth $774,000 after buying an additional 1,700 shares during the last quarter. Heritage Wealth Advisors increased its position in Prudential Financial by 30.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,811 shares of the financial services provider’s stock worth $188,000 after buying an additional 421 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in Prudential Financial in the fourth quarter valued at approximately $18,568,000. Act Two Investors LLC bought a new position in shares of Prudential Financial during the 4th quarter worth approximately $858,000. Finally, Congress Wealth Management LLC DE bought a new stake in Prudential Financial in the 4th quarter valued at $235,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of research reports. Wells Fargo & Company boosted their price target on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Evercore ISI raised their price target on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday, April 25th. Keefe, Bruyette & Woods boosted their price objective on shares of Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Raymond James cut shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, February 9th. Finally, UBS Group boosted their price target on Prudential Financial from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average price target of $115.25.

View Our Latest Research Report on PRU

Insider Transactions at Prudential Financial

In other news, EVP Ann M. Kappler sold 7,222 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.39, for a total transaction of $782,792.58. Following the completion of the sale, the executive vice president now directly owns 24,381 shares in the company, valued at $2,642,656.59. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Ann M. Kappler sold 7,222 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the sale, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Timothy L. Schmidt sold 7,912 shares of Prudential Financial stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the sale, the senior vice president now owns 14,754 shares of the company’s stock, valued at $1,595,350.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,536 shares of company stock worth $19,245,606. Company insiders own 0.34% of the company’s stock.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded up $1.51 during midday trading on Monday, hitting $119.36. 1,254,100 shares of the company traded hands, compared to its average volume of 1,501,881. The firm’s fifty day moving average price is $114.68 and its 200-day moving average price is $107.34. The stock has a market cap of $42.85 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 0.89 and a beta of 1.35. Prudential Financial, Inc. has a 12 month low of $78.40 and a 12 month high of $121.39. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRUGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). The business had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company’s revenue was up 69.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.66 earnings per share. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 13.4 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.36%. Prudential Financial’s payout ratio is 88.44%.

Prudential Financial Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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