Sumitomo Mitsui DS Asset Management Company Ltd Sells 241 Shares of Prudential Financial, Inc. (NYSE:PRU)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,356 shares of the financial services provider’s stock after selling 241 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Prudential Financial were worth $5,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its stake in Prudential Financial by 9,281.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after acquiring an additional 1,354,248 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Prudential Financial during the 3rd quarter valued at $34,251,000. abrdn plc grew its stake in shares of Prudential Financial by 37.5% during the fourth quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock valued at $114,829,000 after buying an additional 302,164 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Prudential Financial by 39.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,004,087 shares of the financial services provider’s stock worth $95,278,000 after buying an additional 282,667 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Prudential Financial by 80.6% in the 3rd quarter. AQR Capital Management LLC now owns 562,875 shares of the financial services provider’s stock valued at $53,411,000 after acquiring an additional 251,269 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRU shares. Keefe, Bruyette & Woods lifted their price target on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Raymond James cut shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, February 9th. Piper Sandler increased their target price on shares of Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Morgan Stanley boosted their price target on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, Evercore ISI increased their price objective on Prudential Financial from $104.00 to $115.00 and gave the stock an “underperform” rating in a report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $111.33.

Prudential Financial Price Performance

PRU opened at $111.47 on Tuesday. Prudential Financial, Inc. has a 1 year low of $77.22 and a 1 year high of $118.69. The stock has a 50-day moving average price of $111.38 and a 200-day moving average price of $103.36. The firm has a market cap of $40.02 billion, a PE ratio of 16.66, a P/E/G ratio of 0.75 and a beta of 1.37. 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 (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The firm had revenue of $13.02 billion for the quarter, compared to analysts’ expectations of $12.99 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Sell-side analysts predict that Prudential Financial, Inc. will post 13.38 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were paid a $1.30 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $5.20 annualized dividend and a dividend yield of 4.66%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s payout ratio is currently 77.73%.

Insider Activity at Prudential Financial

In other Prudential Financial news, SVP Timothy L. Schmidt sold 7,912 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the transaction, the senior vice president now owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP Timothy L. Schmidt sold 7,912 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $108.13, for a total transaction of $855,524.56. Following the completion of the transaction, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at $1,595,350.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann M. Kappler sold 7,222 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the completion of the sale, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The disclosure for this sale can be found here. Insiders have sold 29,255 shares of company stock valued at $3,215,664 over the last ninety days. Insiders own 0.34% of the company’s stock.

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.