11,674 Prudential Financial, Inc. $PRU Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 17.4% during the third quarter, Holdings Channel.com reports. The firm owned 55,492 shares of the financial services provider’s stock after selling 11,674 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Prudential Financial were worth $6,303,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Prudential Financial in the second quarter valued at approximately $3,507,481,000. Bank of New York Mellon Corp acquired a new position in Prudential Financial during the 2nd quarter worth $209,055,000. Bank of America Corp DE acquired a new position in Prudential Financial during the 2nd quarter worth $208,957,000. Deutsche Bank AG bought a new position in Prudential Financial in the 2nd quarter valued at $157,752,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Prudential Financial by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Trading Down 0.4%

PRU opened at $114.80 on Thursday. The firm has a 50 day simple moving average of $117.98 and a 200 day simple moving average of $111.25. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The company has a market cap of $39.61 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 1.73 and a beta of 0.85. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. During the same period last year, the firm earned $3.58 earnings per share. On average, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.37 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.9%. Prudential Financial’s payout ratio is presently 50.72%.

Insiders Place Their Bets

In other news, EVP Ann Kappler sold 7,652 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This represents a 34.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PRU. TD Cowen lowered their target price on Prudential Financial from $114.00 to $112.00 and set a “hold” rating for the company in a research note on Wednesday. Wells Fargo & Company cut their price target on Prudential Financial from $110.00 to $104.00 and set an “underweight” rating on the stock in a research note on Monday, October 12th. Morgan Stanley decreased their price target on Prudential Financial from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Monday. Wall Street Zen lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday, September 28th. Finally, Mizuho set a $108.00 price objective on Prudential Financial in a research report on Monday, October 12th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Prudential Financial currently has a consensus rating of “Reduce” and an average price target of $107.15.

Key Headlines Impacting Prudential Financial

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Prudential agreed to sell its Brazil and Mexico insurance operations to CNP Assurances for approximately $4.025 billion in cash. The transaction could provide substantial capital, simplify Prudential’s international footprint and sharpen its focus on core businesses. The deal is subject to closing adjustments and customary conditions. Prudential Financial Agrees to Sell Operations in Brazil and Mexico
• Positive Sentiment: Prudential partnered with SoFi to expand access to life insurance. The relationship may broaden Prudential’s digital distribution and customer reach, although the financial contribution was not disclosed. SoFi ties up with Prudential Financial for expanded access to life insurance
• Neutral Sentiment: Prudential Wealth Advisors plans to increase recruiting through a centralized operating model. The initiative could support longer-term growth, but its near-term effect on earnings is uncertain. Prudential Wealth Advisors set to ramp up recruiting
• Neutral Sentiment: Prudential Life Insurance Ghana launched PRUConnect, a customer-facing digital insurance platform. The product supports engagement and service improvements, but appears unlikely to materially affect consolidated results immediately. Prudential Life Insurance Ghana introduces PRUConnect
• Negative Sentiment: Analysts lowered their expectations for PRU. TD Cowen cut its price target from $114 to $112 and maintained a “hold” rating. Barclays and Morgan Stanley also reduced their price targets, reinforcing concerns about limited near-term upside. Barclays lowers expectations for Prudential Financial Morgan Stanley cuts Prudential Financial price target

Prudential Financial Profile

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.