Sumitomo Mitsui DS Asset Management Company Ltd Decreases Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,264 shares of the financial services provider’s stock after selling 963 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Prudential Financial were worth $6,008,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PRU. Creekmur Asset Management LLC grew its holdings in Prudential Financial by 78.8% in 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 during the last quarter. Lynx Investment Advisory acquired a new position in Prudential Financial during the second quarter worth about $29,000. Crewe Advisors LLC purchased a new stake in shares of Prudential Financial in the first quarter valued at about $33,000. ESL Trust Services LLC acquired a new stake in shares of Prudential Financial in the first quarter valued at approximately $34,000. Finally, Riverview Trust Co acquired a new position in shares of Prudential Financial during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Trading Up 1.1 %

PRU stock opened at $121.16 on Friday. Prudential Financial, Inc. has a 52 week low of $87.95 and a 52 week high of $128.52. The company has a market cap of $43.50 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 0.89 and a beta of 1.34. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The business has a fifty day simple moving average of $118.03 and a 200-day simple moving average of $115.13.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS 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 firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. On average, equities research analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, August 20th. Prudential Financial’s payout ratio is currently 88.44%.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRU. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target for the company in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Piper Sandler reduced their target price on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Citigroup lifted their price target on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $119.33.

Insider Activity

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