Prudential Financial, Inc. $PRU Shares Sold by Conning Inc.

Conning Inc. lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 44.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,603 shares of the financial services provider’s stock after selling 2,060 shares during the period. Conning Inc.’s holdings in Prudential Financial were worth $280,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Invesco Ltd. increased its position in Prudential Financial by 2.7% during the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock worth $495,859,000 after purchasing an additional 116,079 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Prudential Financial by 19.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock worth $469,777,000 after buying an additional 678,028 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Prudential Financial by 5.6% during the 1st quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider’s stock worth $201,201,000 after buying an additional 95,021 shares during the last quarter. Amundi increased its holdings in shares of Prudential Financial by 14.1% during the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider’s stock worth $183,571,000 after buying an additional 216,119 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Prudential Financial by 2.3% during the 1st quarter. Deutsche Bank AG now owns 1,284,466 shares of the financial services provider’s stock worth $143,449,000 after buying an additional 29,025 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares of the company’s stock, valued at $2,358,132.90. The trade was a 15.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PRU shares. Morgan Stanley raised their target price on Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. raised their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Barclays cut their price objective on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research report on Wednesday. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their price target on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $122.27.

Prudential Financial Stock Performance

NYSE PRU opened at $99.08 on Friday. The company has a market cap of $34.88 billion, a P/E ratio of 21.97, a P/E/G ratio of 0.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a 50-day moving average of $105.15 and a two-hundred day moving average of $104.47. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. The firm had revenue of $8.35 billion during the quarter. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were paid a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.5%. Prudential Financial’s payout ratio is 119.73%.

Prudential Financial 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.