805,964 Shares in Prudential Financial, Inc. (NYSE:PRU) Purchased by Nuveen LLC

Key Points

• Nuveen LLC acquired 805,964 shares of Prudential Financial, valued at approximately $90 million, in the first quarter as reported in SEC filings.
• Several institutional investors, including Northern Trust Corp and Goldman Sachs Group Inc., have recently increased their stakes in Prudential Financial, collectively owning over 56.83% of the company's stock.
• Prudential Financial announced a quarterly dividend of $1.35 per share, yielding 5.1% annually, with a payout ratio currently at 119.73%.

Nuveen LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 805,964 shares of the financial services provider's stock, valued at approximately $90,010,000. Nuveen LLC owned 0.23% of Prudential Financial as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its stake in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 111 shares in the last quarter. Cheviot Value Management LLC bought a new stake in shares of Prudential Financial during the 1st quarter worth $26,000. North Capital Inc. bought a new stake in shares of Prudential Financial during the 1st quarter worth $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Prudential Financial during the 1st quarter worth $30,000. Finally, Clearstead Trust LLC raised its stake in Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm's stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is owned by insiders.

Prudential Financial Price Performance

PRU traded down $0.84 during midday trading on Friday, hitting $105.98. The stock had a trading volume of 1,188,014 shares, compared to its average volume of 1,802,432. The company has a market cap of $37.30 billion, a P/E ratio of 23.50, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. The business has a fifty day moving average of $104.96 and a 200 day moving average of $106.38. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. Prudential Financial's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 earnings per share. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Wall Street Analyst Weigh In

PRU has been the topic of a number of research reports. Piper Sandler lowered their price objective on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price objective on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Barclays lifted their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Morgan Stanley reduced their target price on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Finally, Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $121.75.

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.