Tocqueville Asset Management L.P. Sells 864 Shares of Prudential Financial Inc (NYSE:PRU)

Tocqueville Asset Management L.P. reduced its stake in shares of Prudential Financial Inc (NYSE:PRU) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,172 shares of the financial services provider’s stock after selling 864 shares during the period. Tocqueville Asset Management L.P.’s holdings in Prudential Financial were worth $4,966,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in shares of Prudential Financial in the 2nd quarter worth about $2,669,000. Allred Capital Management LLC raised its position in shares of Prudential Financial by 16.4% in the 1st quarter. Allred Capital Management LLC now owns 3,556 shares of the financial services provider’s stock worth $338,000 after acquiring an additional 500 shares in the last quarter. Goelzer Investment Management Inc. raised its position in shares of Prudential Financial by 0.9% in the 2nd quarter. Goelzer Investment Management Inc. now owns 96,523 shares of the financial services provider’s stock worth $9,749,000 after acquiring an additional 874 shares in the last quarter. First Republic Investment Management Inc. raised its position in shares of Prudential Financial by 19.7% in the 1st quarter. First Republic Investment Management Inc. now owns 14,882 shares of the financial services provider’s stock worth $1,367,000 after acquiring an additional 2,447 shares in the last quarter. Finally, NumerixS Investment Technologies Inc bought a new position in shares of Prudential Financial in the 1st quarter worth about $294,000. 63.65% of the stock is owned by institutional investors and hedge funds.

Shares of PRU traded down $2.87 during trading hours on Wednesday, hitting $80.71. The stock had a trading volume of 58,499 shares, compared to its average volume of 2,057,191. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $97.60. The firm has a market cap of $32.86 billion, a price-to-earnings ratio of 6.91, a P/E/G ratio of 0.75 and a beta of 1.49. Prudential Financial Inc has a 1-year low of $75.61 and a 1-year high of $106.64.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). The firm had revenue of $14.11 billion during the quarter, compared to analyst estimates of $13.63 billion. Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. During the same quarter in the prior year, the business earned $3.01 earnings per share. On average, research analysts forecast that Prudential Financial Inc will post 12.49 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be paid a $1.00 dividend. The ex-dividend date is Monday, August 19th. This represents a $4.00 annualized dividend and a dividend yield of 4.96%. Prudential Financial’s dividend payout ratio is presently 34.22%.

PRU has been the subject of several research analyst reports. Atlantic Securities lowered Prudential Financial from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. ValuEngine lowered Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. UBS Group lowered Prudential Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $116.00 to $112.00 in a research report on Monday, May 13th. Wells Fargo & Co set a $115.00 price objective on Prudential Financial and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research upgraded Prudential Financial from a “sell” rating to a “hold” rating and set a $90.00 target price for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Prudential Financial has an average rating of “Hold” and a consensus price target of $103.15.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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

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