Illinois Municipal Retirement Fund Reduces Position in Prudential Financial, Inc. (NYSE:PRU)

Illinois Municipal Retirement Fund reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 38.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 102,823 shares of the financial services provider's stock after selling 64,537 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Prudential Financial were worth $11,483,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Prudential Financial in the 1st quarter worth approximately $30,000. Hopwood Financial Services Inc. bought a new position in shares of Prudential Financial in the fourth quarter worth approximately $34,000. Lee Danner & Bass Inc. purchased a new position in shares of Prudential Financial in the fourth quarter worth $35,000. TCTC Holdings LLC purchased a new stake in Prudential Financial during the 4th quarter valued at $37,000. Finally, Park Place Capital Corp grew its holdings in Prudential Financial by 1,841.2% in the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock worth $37,000 after acquiring an additional 313 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider now owns 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Prudential Financial from $108.00 to $117.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Piper Sandler dropped 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. Barclays cut their price objective on Prudential Financial from $134.00 to $106.00 and set an "equal weight" rating on the stock in a research report on Friday, April 11th. Wells Fargo & Company upped their target price on Prudential Financial from $108.00 to $113.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Finally, UBS Group decreased their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $120.15.

Prudential Financial Stock Up 0.3%

PRU traded up $0.33 during trading on Friday, reaching $107.07. The stock had a trading volume of 2,153,200 shares, compared to its average volume of 1,656,596. The stock's 50 day moving average is $104.09 and its two-hundred day moving average is $109.68. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $37.90 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 1.02 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.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion during the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm's quarterly revenue was down 38.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.12 earnings per share. As a group, analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a $1.35 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.04%. Prudential Financial's dividend payout ratio (DPR) is 85.58%.

Prudential Financial 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.