Meiji Yasuda Asset Management Co Ltd. Decreases Position in Prudential Financial, Inc. $PRU

Key Points

• Meiji Yasuda Asset Management cut its Prudential Financial stake by 52.3% in the second quarter, selling 15,330 shares and retaining 13,957 shares valued at approximately $1.5 million. Institutional investors collectively own 56.83% of PRU.
• Analysts remain cautious: PRU has an average “Reduce” rating and a consensus price target of $109.31, despite several firms raising their targets. The stock recently traded at $122.67, near its 12-month high of $127.72.
• Prudential reported quarterly EPS of $4.08, beating estimates of $3.52, and announced a quarterly dividend of $1.40 per share, equivalent to a 4.6% annualized yield.

Meiji Yasuda Asset Management Co Ltd. decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 52.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,957 shares of the financial services provider's stock after selling 15,330 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Prudential Financial were worth $1,506,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

PRU has been the subject of a number of research analyst reports. Morgan Stanley lifted their price target on shares of Prudential Financial from $92.00 to $105.00 and gave the stock an "underweight" rating in a research note on Monday. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. Mizuho lifted their target price on shares of Prudential Financial from $101.00 to $109.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wells Fargo & Company increased their price target on Prudential Financial from $103.00 to $110.00 and gave the company an "underweight" rating in a report on Wednesday, August 19th. Finally, Barclays raised their price target on Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Prudential Financial has an average rating of "Reduce" and an average price target of $109.31.

Insider Activity

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.05% of the company's stock.

Prudential Financial Stock Performance

PRU opened at $122.67 on Tuesday. The company's 50 day moving average is $116.93 and its 200 day moving average is $105.78. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The company has a market cap of $42.32 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 2.29 and a beta of 0.84. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $127.72.

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

Prudential Financial Dividend Announcement

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

Prudential Financial Profile

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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