Alerus Financial NA Sells 433 Shares of Prudential Financial, Inc. (NYSE:PRU)

Alerus Financial NA decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 16.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,139 shares of the financial services provider’s stock after selling 433 shares during the period. Alerus Financial NA’s holdings in Prudential Financial were worth $259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lynx Investment Advisory purchased a new stake in Prudential Financial in the 2nd quarter worth $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Prudential Financial in the third quarter worth about $31,000. Strategic Financial Concepts LLC boosted its stake in Prudential Financial by 1,312.4% during the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after buying an additional 25,027 shares during the last quarter. Bank & Trust Co purchased a new position in Prudential Financial during the 2nd quarter valued at approximately $37,000. Finally, Hobbs Group Advisors LLC bought a new stake in Prudential Financial in the 2nd quarter worth approximately $38,000. Institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Wells Fargo & Company lifted their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler upped their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. TD Cowen lifted their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Finally, Evercore ISI upgraded Prudential Financial from an “underperform” rating to an “inline” rating and upped their price objective for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. Eleven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial has a consensus rating of “Hold” and a consensus target price of $125.92.

Insider Buying and Selling

In other news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Prudential Financial Price Performance

PRU opened at $129.41 on Monday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average of $124.24 and a 200 day moving average of $120.12. Prudential Financial, Inc. has a 52-week low of $96.45 and a 52-week high of $130.55. The stock has a market cap of $46.07 billion, a P/E ratio of 11.50, a PEG ratio of 0.93 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the prior year, the business posted $3.44 earnings per share. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 13.35 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.02%. Prudential Financial’s payout ratio is 46.22%.

Prudential Financial Company 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.