Arizona State Retirement System Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Arizona State Retirement System boosted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 104,476 shares of the financial services provider's stock after buying an additional 2,551 shares during the period. Arizona State Retirement System's holdings in Prudential Financial were worth $11,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PRU. North Capital Inc. bought a new position in shares of Prudential Financial during the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Prudential Financial during the first quarter worth approximately $30,000. Lee Danner & Bass Inc. purchased a new position in Prudential Financial during the fourth quarter valued at approximately $35,000. TCTC Holdings LLC purchased a new position in Prudential Financial during the fourth quarter valued at approximately $37,000. Finally, Park Place Capital Corp increased its holdings in Prudential Financial by 1,841.2% during the first quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock valued at $37,000 after buying an additional 313 shares during the period. Institutional investors own 56.83% of the company's stock.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the stock in a transaction dated 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 acquisition, 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 the SEC website. Insiders own 0.25% of the company's stock.

Prudential Financial Stock Performance

Shares of PRU stock opened at $105.80 on Monday. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The firm's 50 day moving average price is $105.23 and its 200-day moving average price is $108.79. The firm has a market cap of $37.45 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.01 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The firm had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. During the same period in the prior year, the firm earned $3.12 EPS. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. As a group, equities research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's dividend payout ratio is presently 85.58%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of 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. Wells Fargo & Company lifted their price objective on shares of Prudential Financial from $113.00 to $116.00 and gave the company an "equal weight" rating in a report on Thursday. Wall Street Zen cut shares of Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Barclays boosted their target price on shares of Prudential Financial from $109.00 to $119.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $122.15.

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.

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