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. decreased its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 recently modified their holdings of the company. Meeder Asset Management Inc. increased its position in shares of Prudential Financial by 90.2% in the first 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 during the period. AlphaQuest LLC increased its position in shares of Prudential Financial by 12,250.0% in the first quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 245 shares during the period. North Capital Inc. purchased a new position in shares of Prudential Financial in the first quarter valued at about $28,000. Cheviot Value Management LLC purchased a new position in shares of Prudential Financial in the first quarter valued at about $26,000. Finally, Clearstead Trust LLC increased its position in shares of Prudential Financial by 350.8% during the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after buying an additional 207 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Barclays boosted their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Piper Sandler reduced 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 report on Wednesday, July 16th. Morgan Stanley boosted their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. Finally, Wells Fargo & Company reduced their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Prudential Financial has an average rating of "Hold" and a consensus price target of $122.08.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the company's stock in a transaction dated Monday, June 16th. The shares were purchased at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Stock Up 1.0%

NYSE:PRU traded up $1.04 during mid-day trading on Friday, hitting $109.78. 1,449,925 shares of the company's stock were exchanged, compared to its average volume of 1,660,892. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The business has a fifty day moving average price of $105.73 and a 200 day moving average price of $105.78. The company has a market cap of $38.64 billion, a PE ratio of 24.34, a P/E/G ratio of 0.98 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio is currently 119.73%.

Prudential Financial 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.