Marcum Wealth LLC Cuts Position in Prudential Financial, Inc. (NYSE:PRU)

Marcum Wealth LLC cut its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,783 shares of the financial services provider’s stock after selling 221 shares during the quarter. Marcum Wealth LLC’s holdings in Prudential Financial were worth $326,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Choreo LLC lifted its position in Prudential Financial by 163.5% during the fourth quarter. Choreo LLC now owns 6,940 shares of the financial services provider’s stock valued at $720,000 after buying an additional 4,306 shares in the last quarter. Cullinan Associates Inc. increased its stake in Prudential Financial by 2,355.0% during the first quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock valued at $17,798,000 after purchasing an additional 145,423 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Prudential Financial by 44.9% during the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock valued at $27,327,000 after acquiring an additional 71,274 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Prudential Financial in the fourth quarter worth about $1,087,000. Finally, Crestline Management LP boosted its position in shares of Prudential Financial by 50.0% during the 4th quarter. Crestline Management LP now owns 60,000 shares of the financial services provider’s stock valued at $6,223,000 after purchasing an additional 20,000 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Timothy L. Schmidt sold 5,189 shares of Prudential Financial stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total transaction of $604,933.62. Following the completion of the sale, the senior vice president now directly owns 12,236 shares of the company’s stock, valued at approximately $1,426,472.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the transaction, the executive vice president now owns 202,083 shares in the company, valued at approximately $23,960,981.31. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Timothy L. Schmidt sold 5,189 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the transaction, the senior vice president now owns 12,236 shares in the company, valued at approximately $1,426,472.88. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Prudential Financial Stock Performance

Shares of PRU traded down $4.73 during mid-day trading on Monday, reaching $105.53. The company’s stock had a trading volume of 3,932,794 shares, compared to its average volume of 1,496,261. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. The stock has a market cap of $37.89 billion, a P/E ratio of 17.80, a PEG ratio of 0.95 and a beta of 1.34. The business has a 50-day simple moving average of $119.53 and a two-hundred day simple moving average of $114.19. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Tuesday, May 21st were issued a dividend of $1.30 per share. The ex-dividend date was Monday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.93%. Prudential Financial’s payout ratio is currently 88.44%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PRU shares. Citigroup lifted their price target on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods lifted their price target on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a research report on Monday, July 8th. Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their price objective on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler dropped their price objective on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $118.25.

About Prudential Financial

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.