Neo Ivy Capital Management Reduces Holdings in Prudential Financial Inc (NYSE:PRU)

Cynthia Vaughn 2020-03-11 17:03

Neo Ivy Capital Management reduced its position in Prudential Financial Inc (NYSE:PRU) by 57.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,420 shares of the financial services provider’s stock after selling 4,564 shares during the period. Neo Ivy Capital Management’s holdings in Prudential Financial were worth $321,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Teza Capital Management LLC purchased a new position in Prudential Financial in the 4th quarter worth approximately $436,000. Cresset Asset Management LLC raised its position in shares of Prudential Financial by 12.7% during the fourth quarter. Cresset Asset Management LLC now owns 3,925 shares of the financial services provider’s stock valued at $368,000 after buying an additional 442 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of Prudential Financial by 12.9% in the third quarter. Integrated Wealth Concepts LLC now owns 2,772 shares of the financial services provider’s stock valued at $249,000 after buying an additional 316 shares during the period. Korea Investment CORP lifted its stake in shares of Prudential Financial by 7.2% in the fourth quarter. Korea Investment CORP now owns 344,518 shares of the financial services provider’s stock valued at $32,295,000 after buying an additional 23,100 shares during the period. Finally, Park National Corp OH grew its position in Prudential Financial by 6.1% during the fourth quarter. Park National Corp OH now owns 2,803 shares of the financial services provider’s stock worth $263,000 after buying an additional 161 shares in the last quarter. 65.13% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:PRU traded down $4.77 during midday trading on Wednesday, hitting $58.10. 3,104,897 shares of the company’s stock were exchanged, compared to its average volume of 2,568,537. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.10 and a quick ratio of 0.10. The stock has a 50 day moving average price of $88.25 and a 200-day moving average price of $89.90. The company has a market cap of $27.71 billion, a PE ratio of 5.74, a price-to-earnings-growth ratio of 0.63 and a beta of 1.56. Prudential Financial Inc has a 12 month low of $57.38 and a 12 month high of $106.39.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.31. The firm had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $14.23 billion. Prudential Financial had a return on equity of 7.81% and a net margin of 7.20%. During the same quarter in the prior year, the firm earned $2.44 EPS. On average, analysts anticipate that Prudential Financial Inc will post 12.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Tuesday, February 18th will be paid a $1.10 dividend. This is an increase from Prudential Financial’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, February 14th. This represents a $4.40 dividend on an annualized basis and a yield of 7.57%. Prudential Financial’s payout ratio is presently 37.64%.

A number of equities research analysts recently issued reports on PRU shares. DOWLING & PARTN reiterated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 18th. Piper Sandler dropped their price objective on Prudential Financial from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday. B. Riley reduced their target price on Prudential Financial from $96.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday. ValuEngine raised Prudential Financial from a “sell” rating to a “hold” rating in a research note on Saturday, February 29th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $110.00 price target on shares of Prudential Financial in a report on Sunday, December 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $94.23.

In other news, CEO Charles F. Lowrey sold 33,603 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $96.32, for a total value of $3,236,640.96. Following the transaction, the chief executive officer now directly owns 95,189 shares in the company, valued at $9,168,604.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert Falzon sold 39,748 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $96.44, for a total value of $3,833,297.12. Following the transaction, the executive vice president now directly owns 85,396 shares in the company, valued at $8,235,590.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,344 shares of company stock valued at $8,335,072. 0.76% of the stock is currently owned by insiders.

Prudential Financial Company Profile

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.