Evergreen Capital Management LLC Trims Stake in Prudential Financial, Inc. (NYSE:PRU)

Evergreen Capital Management LLC lessened its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,351 shares of the financial services provider’s stock after selling 441 shares during the quarter. Evergreen Capital Management LLC’s holdings in Prudential Financial were worth $4,309,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PRU. Grove Bank & Trust increased its holdings in shares of Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC acquired a new position in Prudential Financial in the fourth quarter valued at $29,000. CGC Financial Services LLC raised its holdings in shares of Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after buying an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. acquired a new position in Prudential Financial in the 4th quarter valued at about $33,000. Finally, Hopwood Financial Services Inc. purchased a new stake in Prudential Financial during the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $98.64 on Thursday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The company’s 50-day moving average price is $108.18 and its 200 day moving average price is $117.18. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The stock has a market cap of $34.96 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.98 and a beta of 1.11.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. As a group, research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.47%. Prudential Financial’s payout ratio is 72.29%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRU. BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price target for the company. UBS Group dropped their price target on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Barclays lowered their price objective on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a report on Friday, April 11th. Piper Sandler cut their target price on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Morgan Stanley decreased their price target on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $121.85.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the purchase, the insider now owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares in the company, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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.