Westpac Banking Corp Sells 36,408 Shares of Prudential Financial, Inc. $PRU

Westpac Banking Corp reduced its holdings in Prudential Financial, Inc. (NYSE:PRU) by 95.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,786 shares of the financial services provider’s stock after selling 36,408 shares during the quarter. Westpac Banking Corp’s holdings in Prudential Financial were worth $192,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of Prudential Financial by 1.8% in the second quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider’s stock worth $1,010,474,000 after purchasing an additional 163,874 shares during the last quarter. Invesco Ltd. lifted 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 valued at $495,859,000 after purchasing an additional 116,079 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Prudential Financial by 19.2% in 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 in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Prudential Financial by 5.6% in 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. Finally, Amundi raised its position 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 valued at $183,571,000 after buying an additional 216,119 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares of the company’s stock, valued at $2,358,132.90. This represents a 15.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Charles F. Lowrey sold 48,164 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the completion of the transaction, the chairman owned 165,564 shares in the company, valued at $17,779,917.96. The trade was a 22.54% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.25% of the company’s stock.

Prudential Financial Trading Down 3.4%

NYSE PRU opened at $103.47 on Tuesday. The firm has a market cap of $36.22 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 0.88 and a beta of 1.05. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The stock has a 50-day moving average of $103.65 and a 200-day moving average of $104.71. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. Prudential Financial had a return on equity of 16.98% and a net margin of 4.65%.The business had revenue of $8.35 billion for the quarter. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Tuesday, November 18th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Tuesday, November 18th. Prudential Financial’s dividend payout ratio is currently 74.18%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PRU. Barclays cut their target price on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen upgraded Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Evercore ISI increased their price objective on Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Prudential Financial in a research report on Thursday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research report on Monday, November 3rd. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $120.73.

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.