Prudential Financial, Inc. $PRU Stake Boosted by Raiffeisen Bank International AG

Raiffeisen Bank International AG boosted its stake in Prudential Financial, Inc. (NYSE:PRU) by 7.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 91,566 shares of the financial services provider’s stock after purchasing an additional 6,237 shares during the period. Raiffeisen Bank International AG’s holdings in Prudential Financial were worth $9,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Prudential Financial during the second quarter valued at about $3,507,481,000. State Street Corp grew its position in Prudential Financial by 1.2% in the 4th quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock valued at $1,945,381,000 after buying an additional 210,959 shares in the last quarter. Geode Capital Management LLC increased its stake in Prudential Financial by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after buying an additional 26,414 shares during the period. Morgan Stanley raised its position in shares of Prudential Financial by 6.7% during the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after buying an additional 420,081 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock worth $367,089,000 after acquiring an additional 166,641 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Prudential Financial Trading Up 2.8%

Prudential Financial stock opened at $123.15 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $42.49 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.80 and a beta of 0.83. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $127.72. The company’s fifty day moving average price is $118.90 and its two-hundred day moving average price is $106.72.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. The firm had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same quarter in the prior year, the business earned $3.58 earnings per share. On average, analysts forecast that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, August 25th. Prudential Financial’s dividend payout ratio (DPR) is presently 50.72%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PRU shares. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Piper Sandler upped their price objective on Prudential Financial from $110.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. lifted their target price on Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday, August 17th. Wall Street Zen upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, TD Cowen boosted their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Reduce” and a consensus price target of $109.31.

Prudential Financial News Summary

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

• Positive Sentiment: Prudential Advisors added an experienced advisor overseeing more than $106 million in client assets. Zachary Karason joined the Mid America Financial Group after roles at U.S. Bancorp Advisors and Merrill Lynch. The move could modestly support Prudential’s wealth-management growth and advisor recruiting efforts. Prudential Advisors Welcomes Zachary Karason to Mid America Financial Group
• Neutral Sentiment: Prudential’s latest earnings were better than expected, but revenue fell short of estimates. The company reported quarterly earnings of $4.08 per share, above the $3.52 analyst consensus, while revenue of $14.16 billion trailed the $14.36 billion estimate. The earnings beat is supportive, although the revenue miss and comparisons with the prior year provide a mixed signal for investors. Prudential Down Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: PRU has slightly underperformed since its earnings release. A market update noted that the stock was down 0.3% over the 30 days following its report, suggesting that the earnings beat has not yet translated into sustained momentum and that investors may be looking for stronger forward guidance or estimate revisions. Prudential Down 0.3% Since Last Earnings Report

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction dated Tuesday, July 28th. The shares were 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 of the company’s stock, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ann Kappler sold 7,652 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.05% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.