Bank of New York Mellon Corp Sells 52,654 Shares of Prudential Financial, Inc. $PRU

Bank of New York Mellon Corp decreased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.4% in the third quarter, HoldingsChannel reports. The fund owned 2,118,016 shares of the financial services provider’s stock after selling 52,654 shares during the quarter. Bank of New York Mellon Corp’s holdings in Prudential Financial were worth $219,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Proffitt & Goodson Inc. increased its position in Prudential Financial by 12.7% in the second quarter. Proffitt & Goodson Inc. now owns 871 shares of the financial services provider’s stock worth $94,000 after buying an additional 98 shares in the last quarter. Summit Global Investments grew its stake in shares of Prudential Financial by 1.3% during the 2nd quarter. Summit Global Investments now owns 7,609 shares of the financial services provider’s stock valued at $817,000 after acquiring an additional 100 shares during the period. Woodward Diversified Capital LLC increased its holdings in Prudential Financial by 1.4% in the 3rd quarter. Woodward Diversified Capital LLC now owns 7,662 shares of the financial services provider’s stock worth $795,000 after acquiring an additional 103 shares in the last quarter. Pitcairn Co. raised its stake in Prudential Financial by 2.7% during the 2nd quarter. Pitcairn Co. now owns 3,973 shares of the financial services provider’s stock worth $427,000 after acquiring an additional 104 shares during the period. Finally, TIAA Trust National Association lifted its holdings in Prudential Financial by 2.7% during the second quarter. TIAA Trust National Association now owns 4,142 shares of the financial services provider’s stock valued at $445,000 after purchasing an additional 108 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Price Performance

NYSE:PRU opened at $111.00 on Friday. The business’s 50-day moving average is $112.77 and its 200 day moving average is $107.32. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $122.34. The company has a market capitalization of $38.85 billion, a P/E ratio of 15.25, a P/E/G ratio of 1.22 and a beta of 0.97. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.54. The business had revenue of $17.89 billion for the quarter, compared to the consensus estimate of $13.77 billion. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.During the same quarter in the previous year, the company posted $3.48 EPS. On average, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Tuesday, November 18th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $5.40 dividend on an annualized basis and a yield of 4.9%. Prudential Financial’s dividend payout ratio is presently 74.18%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PRU shares. Wells Fargo & Company increased their price objective on shares of Prudential Financial from $113.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. Morgan Stanley upped their target price on shares of Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. Mizuho assumed coverage on Prudential Financial in a report on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price target on the stock. Barclays dropped their price objective on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Finally, Evercore ISI lifted their target price on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $120.78.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,406,739 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average cost of $24.87 per share, with a total value of $34,985,598.93. Following the purchase, the insider directly owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. This represents a 22.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of Prudential Financial stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $107.39, for a total value of $5,172,331.96. Following the completion of the transaction, the chairman owned 165,564 shares of the company’s stock, valued at approximately $17,779,917.96. This represents a 22.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,719 shares of company stock worth $6,796,067 over the last three months. 0.25% of the stock is owned by company insiders.

About Prudential Financial

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.