State of Michigan Retirement System Decreases Stake in Prudential Financial, Inc. (NYSE:PRU)

State of Michigan Retirement System cut its holdings in Prudential Financial, Inc. (NYSE:PRU) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,055 shares of the financial services provider’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Prudential Financial were worth $12,452,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Van ECK Associates Corp raised its stake in shares of Prudential Financial by 49.5% during the 3rd quarter. Van ECK Associates Corp now owns 17,600 shares of the financial services provider’s stock worth $2,203,000 after purchasing an additional 5,825 shares during the period. National Pension Service raised its position in Prudential Financial by 18.1% in the third quarter. National Pension Service now owns 587,189 shares of the financial services provider’s stock worth $71,109,000 after acquiring an additional 89,949 shares during the period. QRG Capital Management Inc. boosted its stake in Prudential Financial by 238.6% in the third quarter. QRG Capital Management Inc. now owns 49,779 shares of the financial services provider’s stock valued at $6,028,000 after acquiring an additional 35,076 shares during the last quarter. PDS Planning Inc grew its position in shares of Prudential Financial by 6.5% during the 3rd quarter. PDS Planning Inc now owns 2,043 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 125 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $96,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Prudential Financial stock opened at $110.90 on Thursday. The business has a 50-day simple moving average of $115.89 and a 200 day simple moving average of $119.80. Prudential Financial, Inc. has a 52 week low of $104.44 and a 52 week high of $130.55. The stock has a market cap of $39.70 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 0.98 and a beta of 1.31. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a $1.35 dividend. The ex-dividend date is Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.87%. Prudential Financial’s payout ratio is 72.29%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRU. Wells Fargo & Company boosted their target price on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 19th. BMO Capital Markets started coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price objective on the stock. Piper Sandler cut their target price on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Barclays boosted their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Evercore ISI upgraded shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price objective for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued 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 price target of $126.15.

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.