Federated Hermes Inc. Has $131.38 Million Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Federated Hermes Inc. increased its holdings in Prudential Financial, Inc. by 7.8% during Q1, acquiring an additional 85,480 shares, bringing its total to 1,176,359 shares valued at approximately $131.4 million.
• Prudential Financial's recent quarterly earnings showed an EPS of $3.29, exceeding estimates but with revenue declining by 38.2% compared to the previous year.
• The company declared a quarterly dividend of $1.35 per share, resulting in an annualized dividend yield of 5.21% with a payout ratio of 85.58%.

Federated Hermes Inc. boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,176,359 shares of the financial services provider's stock after purchasing an additional 85,480 shares during the period. Federated Hermes Inc. owned about 0.33% of Prudential Financial worth $131,376,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRU. Norges Bank bought a new position in shares of Prudential Financial in the fourth quarter valued at approximately $115,878,000. Northern Trust Corp raised its stake in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock valued at $555,513,000 after acquiring an additional 897,916 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Prudential Financial by 11,280.3% in the first quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock valued at $96,923,000 after acquiring an additional 860,239 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Prudential Financial by 322.9% in the fourth quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock valued at $84,287,000 after acquiring an additional 542,964 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Prudential Financial by 11.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock valued at $404,230,000 after acquiring an additional 352,335 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the firm's 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 acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

PRU has been the subject of a number of research analyst reports. Wells Fargo & Company cut their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 16th. Wall Street Zen cut shares of Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. UBS Group dropped their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Piper Sandler dropped their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Finally, Barclays boosted 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. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $121.75.

Prudential Financial Trading Down 2.9%

PRU traded down $3.05 during trading on Friday, reaching $100.53. 1,591,220 shares of the company's stock were exchanged, compared to its average volume of 1,780,731. The company's fifty day moving average price is $104.93 and its 200-day moving average price is $107.52. 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, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The firm has a market capitalization of $35.59 billion, a PE ratio of 22.32, a P/E/G ratio of 1.00 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its 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 net margin of 2.75% and a return on equity of 15.90%. The firm had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. During the same quarter in the previous year, the business earned $3.39 EPS. The business's quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were issued a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 annualized dividend and a dividend yield of 5.4%. Prudential Financial's payout ratio is 85.58%.

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.