American Century Companies Inc. Trims Position in Prudential Financial, Inc. $PRU

Key Points

• American Century Companies Inc. reduced its stake in Prudential Financial by 24.4%, selling 153,217 shares and now holding approximately $53.1 million worth of stock.
• Insider buying trends have been notable, with major shareholder Insurance Co Of Ame Prudential acquiring 1.68 million shares in a transaction worth around $48 million, increasing their ownership by 112.29%.
• Prudential Financial recently reported earnings of $3.58 per share, which surpassed analyst expectations and highlighted a slight revenue decline of 2.5% year-over-year.

American Century Companies Inc. lowered its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 24.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 475,763 shares of the financial services provider's stock after selling 153,217 shares during the period. American Century Companies Inc. owned 0.13% of Prudential Financial worth $53,133,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PRU. SPC Financial Inc. grew its stake in shares of Prudential Financial by 2.6% in the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock valued at $444,000 after buying an additional 100 shares during the period. NorthCrest Asset Manangement LLC increased its position in shares of Prudential Financial by 3.8% during the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after acquiring an additional 101 shares during the last quarter. Principle Wealth Partners LLC raised its stake in shares of Prudential Financial by 0.3% in the 1st quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock valued at $4,723,000 after acquiring an additional 109 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after acquiring an additional 111 shares during the last quarter. Finally, Northcape Wealth Management LLC boosted its position in shares of Prudential Financial by 5.8% during the 1st quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock worth $235,000 after purchasing an additional 115 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on PRU. Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lifted their target price on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Piper Sandler cut their price target on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, UBS Group cut their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Prudential Financial currently has an average rating of "Hold" and an average price target of $122.08.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the company's stock in a transaction on Monday, June 16th. The shares were bought at an average price of $28.64 per share, with a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Stock Up 2.5%

Shares of NYSE:PRU traded up $2.63 on Friday, hitting $109.80. 1,957,163 shares of the company's stock were exchanged, compared to its average volume of 1,771,471. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a market capitalization of $38.65 billion, a PE ratio of 24.35, a P/E/G ratio of 0.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The firm's 50-day moving average is $105.21 and its 200 day moving average is $105.94.

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

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be given 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 4.9%. Prudential Financial's payout ratio is 119.73%.

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.