Fifth Third Bancorp Sells 2,968 Shares of Prudential Financial, Inc. (NYSE:PRU)

Fifth Third Bancorp cut its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,629 shares of the financial services provider's stock after selling 2,968 shares during the period. Fifth Third Bancorp's holdings in Prudential Financial were worth $4,537,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PRU. Norges Bank bought a new position in Prudential Financial during the 4th quarter valued at $115,878,000. Northern Trust Corp lifted its stake in Prudential Financial by 23.7% during the 4th 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 in the last quarter. GAMMA Investing LLC lifted its stake in Prudential Financial by 11,280.3% during the 1st 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 in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Prudential Financial during the 4th quarter worth $76,303,000. Finally, Marshall Wace LLP raised its stake in shares of Prudential Financial by 322.9% during the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock worth $84,287,000 after purchasing an additional 542,964 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRU. Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen cut Prudential Financial from a "hold" rating to a "sell" rating in a research note on Sunday, June 8th. JPMorgan Chase & Co. lowered their target price on Prudential Financial from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. UBS Group lowered their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, Piper Sandler decreased their price objective on Prudential Financial from $110.00 to $109.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Two investment 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 data from MarketBeat.com, Prudential Financial has a consensus rating of "Hold" and an average target price of $120.15.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was bought at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the transaction, the insider now directly owns 139,987 shares of the company's stock, valued at $3,992,429.24. This represents a 60.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

PRU stock traded down $2.02 during mid-day trading on Friday, reaching $102.88. 1,358,187 shares of the company traded hands, compared to its average volume of 1,646,374. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $36.42 billion, a P/E ratio of 13.77, a P/E/G ratio of 0.98 and a beta of 1.07. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55. The company has a fifty day moving average price of $103.03 and a 200-day moving average price of $111.04.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, beating analysts' consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion during the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The company's quarterly revenue was down 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.12 EPS. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, May 20th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.25%. Prudential Financial's dividend payout ratio (DPR) is presently 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.