Corebridge Financial Inc. Sells 2,946 Shares of Prudential Financial, Inc. $PRU

Key Points

• Corebridge Financial Inc. reduced its stake in Prudential Financial by 3.5% during the first quarter, now holding 81,373 shares worth approximately $9.09 million.
• Several institutional investors, including Northern Trust Corp and Goldman Sachs Group, have increased their positions in Prudential Financial, indicating ongoing interest in the stock.
• Prudential Financial recently reported a quarterly earnings per share (EPS) of $3.58, exceeding analysts' expectations, while also declaring a quarterly dividend of $1.35.

Corebridge Financial Inc. decreased its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,373 shares of the financial services provider's stock after selling 2,946 shares during the period. Corebridge Financial Inc.'s holdings in Prudential Financial were worth $9,088,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its stake 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 buying an additional 111 shares during the period. Cheviot Value Management LLC acquired a new stake in shares of Prudential Financial in the first quarter valued at about $26,000. North Capital Inc. bought a new stake in shares of Prudential Financial during the 1st quarter valued at about $28,000. AlphaQuest LLC boosted its position in shares of Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Prudential Financial during the 1st quarter valued at about $30,000. Institutional investors and hedge funds own 56.83% of the company's stock.

Prudential Financial Stock Performance

Prudential Financial stock traded up $1.04 during mid-day trading on Friday, reaching $109.78. 1,449,925 shares of the company's stock were exchanged, compared to its average volume of 1,660,892. The business's fifty day simple moving average is $105.73 and its 200 day simple moving average is $105.78. The firm has a market capitalization 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, Inc. has a one year low of $90.38 and a one year 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.

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, topping 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 business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the company posted $3.39 earnings per share. Prudential Financial's quarterly revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

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

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 bought at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the purchase, 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 acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PRU. UBS Group cut their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Wells Fargo & Company cut their target price on 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. Barclays upped their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped 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. Finally, Morgan Stanley increased their price target on Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Prudential Financial has an average 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.