Ieq Capital LLC Raises Stock Position in Prudential Financial, Inc. $PRU

Key Points

• Ieq Capital increased its Prudential Financial position by 360.6% in the second quarter, bringing its holdings to 105,578 shares valued at approximately $11.4 million. Institutional investors collectively own 56.83% of PRU.
• Prudential reported quarterly EPS of $4.08, exceeding analysts’ $3.52 estimate, while revenue reached $14.15 billion. The company also declared a quarterly dividend of $1.40, equivalent to a 4.6% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $108.31, below PRU’s reported opening price of $121.21. Insiders recently sold shares, including EVP Ann M. Kappler’s $956,577 transaction.

Ieq Capital LLC boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 360.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 105,578 shares of the financial services provider's stock after purchasing an additional 82,654 shares during the period. Ieq Capital LLC's holdings in Prudential Financial were worth $11,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PRU. BlackRock Inc. acquired a new position in shares of Prudential Financial in the 2nd quarter valued at about $3,507,481,000. Bank of New York Mellon Corp acquired a new stake in Prudential Financial during the second quarter worth about $209,055,000. Deutsche Bank AG purchased a new position in Prudential Financial during the second quarter valued at approximately $157,752,000. Arrowstreet Capital Limited Partnership lifted its holdings in Prudential Financial by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider's stock valued at $249,769,000 after acquiring an additional 1,247,371 shares during the period. Finally, Norges Bank purchased a new stake in Prudential Financial in the 4th quarter worth approximately $140,530,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Ann M. Kappler sold 7,652 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president owned 14,407 shares in the company, valued at $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.05% of the company's stock.

Prudential Financial Stock Performance

NYSE:PRU opened at $121.21 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market capitalization of $41.82 billion, a PE ratio of 10.98, a P/E/G ratio of 2.29 and a beta of 0.84. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The company has a fifty day moving average of $116.66 and a two-hundred day moving average of $105.71.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter last year, the business earned $3.58 earnings per share. As a group, research analysts forecast that Prudential Financial, Inc. will post 14.24 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial's payout ratio is presently 50.72%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Weiss Ratings raised shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a "neutral" rating in a report on Monday, August 17th. Argus lowered shares of Prudential Financial from a "buy" rating to a "hold" rating in a research report on Tuesday, June 9th. Barclays lifted their price objective on shares of Prudential Financial from $90.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, Prudential Financial presently has a consensus rating of "Reduce" and an average price target of $108.31.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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