Lumbard & Kellner LLC Reduces Stake in Prudential Financial, Inc. (NYSE:PRU)

Lumbard & Kellner LLC reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 57.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,272 shares of the financial services provider’s stock after selling 36,917 shares during the period. Prudential Financial makes up about 1.5% of Lumbard & Kellner LLC’s investment portfolio, making the stock its 29th biggest position. Lumbard & Kellner LLC’s holdings in Prudential Financial were worth $3,196,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Creekmur Asset Management LLC lifted its position in Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new position in Prudential Financial during the second quarter valued at $29,000. Strategic Financial Concepts LLC lifted its position 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 purchasing an additional 25,027 shares in the last quarter. Crewe Advisors LLC bought a new stake in Prudential Financial during the first quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new stake in Prudential Financial during the first quarter valued at about $34,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Argus raised Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Citigroup raised their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. UBS Group lifted their target price on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group reduced their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus target price of $120.83.

Prudential Financial Trading Up 0.9 %

Shares of NYSE PRU opened at $118.75 on Wednesday. The business’s 50 day moving average is $117.90 and its two-hundred day moving average is $116.13. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. The stock has a market capitalization of $42.39 billion, a P/E ratio of 20.20, a PEG ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. As a group, research analysts expect that Prudential Financial, Inc. will post 13.31 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.38%. Prudential Financial’s payout ratio is currently 88.44%.

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.