Berger Financial Group Inc Sells 45,358 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Berger Financial Group Inc significantly reduced its stake in Prudential Financial, selling 45,358 shares and now holding only 2,397 shares, which are valued at approximately $268,000.
• Prudential Financial's recent earnings report showed an EPS of $3.58, surpassing analysts' expectations, with total revenue reaching $13.50 billion, slightly above forecasts.
• The company announced a quarterly dividend of $1.35, with a consistent annualized rate of $5.40, reflecting a dividend yield of 5.2%.

Berger Financial Group Inc decreased its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 95.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,397 shares of the financial services provider's stock after selling 45,358 shares during the quarter. Berger Financial Group Inc's holdings in Prudential Financial were worth $268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PRU. Meeder Asset Management Inc. grew its holdings 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 worth $26,000 after acquiring an additional 111 shares during the period. Cheviot Value Management LLC bought a new stake in shares of Prudential Financial during the 1st quarter valued at about $26,000. North Capital Inc. acquired a new stake in Prudential Financial during the first quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in Prudential Financial in the first quarter worth approximately $30,000. Finally, Clearstead Trust LLC lifted its stake in Prudential Financial by 350.8% in 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. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 1.8%

Shares of PRU traded up $1.94 on Wednesday, reaching $107.16. The company's stock had a trading volume of 1,803,887 shares, compared to its average volume of 1,804,461. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The firm has a fifty day moving average of $104.82 and a 200-day moving average of $106.58. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $37.72 billion, a PE ratio of 23.76, a PEG ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. The company had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. During the same period last year, the business posted $3.39 earnings per share. Prudential Financial's 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 Announces Dividend

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 dividend of $1.35 per share. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.0%. Prudential Financial's dividend payout ratio is presently 119.73%.

Analysts Set New Price Targets

Several brokerages have recently commented on PRU. Barclays raised their price objective on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Morgan Stanley cut their target price on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company cut their price objective 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. Finally, Keefe, Bruyette & Woods reduced their target price 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. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $121.75.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the transaction, the insider owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.25% of the company's stock.

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.