APG Asset Management N.V. Sells 2,900 Shares of Prudential Financial, Inc. $PRU

Key Points

• APG Asset Management N.V. has reduced its stake in Prudential Financial by 1.5%, now owning approximately 0.05% of the company, equivalent to $19.89 million.
• Prudential Financial reported earnings of $3.58 per share for the last quarter, surpassing estimates and showing a revenue of $13.50 billion, despite a 2.5% decrease compared to the previous year.
• A quarterly dividend of $1.35 per share has been declared, which represents an annual yield of 4.9%, with a payout ratio of 119.73%.

APG Asset Management N.V. trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 192,400 shares of the financial services provider's stock after selling 2,900 shares during the quarter. APG Asset Management N.V. owned approximately 0.05% of Prudential Financial worth $19,892,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. SPC Financial Inc. lifted its position 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 acquiring an additional 100 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 101 shares in the last quarter. Principle Wealth Partners LLC boosted its position in shares of Prudential Financial by 0.3% in the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock worth $4,723,000 after buying an additional 109 shares during the period. Meeder Asset Management Inc. grew its holdings in shares of Prudential Financial by 90.2% during the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after buying an additional 111 shares in the last quarter. Finally, Northcape Wealth Management LLC raised its position in Prudential Financial by 5.8% during the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock valued at $235,000 after buying an additional 115 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm's stock in a transaction dated 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 acquisition, the insider owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company's stock.

Prudential Financial Stock Performance

Shares of PRU stock traded down $0.71 during trading hours on Thursday, reaching $108.76. 936,225 shares of the company's stock were exchanged, compared to its average volume of 1,768,249. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $38.28 billion, a P/E ratio of 24.12, a P/E/G ratio of 0.97 and a beta of 1.07. The business has a fifty day moving average price of $105.53 and a 200-day moving average price of $105.85.

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

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be given a $1.35 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.0%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Analyst Ratings Changes

Several equities analysts have recently commented on PRU shares. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler reduced their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. UBS Group cut their price objective on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company decreased their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and an average price target of $122.08.

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.