Prudential Financial, Inc. $PRU Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its stake in Prudential Financial by 45.3%, now holding 14,439 shares worth approximately $1.61 million.
• Major insider transactions included EVP Ann M. Kappler selling 4,000 shares and a significant acquisition by the Insurance Co Of America, which bought 1,675,978 shares for around $48 million.
• Prudential Financial reported $3.58 EPS for the last quarter, exceeding estimates, while announcing a quarterly dividend of $1.35 per share with a yield of 5.1%.

Meiji Yasuda Asset Management Co Ltd. cut its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 45.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,439 shares of the financial services provider's stock after selling 11,975 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Prudential Financial were worth $1,613,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. SPC Financial Inc. lifted its holdings in shares of Prudential Financial by 2.6% during the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after purchasing an additional 100 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in shares of Prudential Financial by 3.8% during the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock worth $306,000 after purchasing an additional 101 shares during the period. Principle Wealth Partners LLC lifted its holdings in shares of Prudential Financial by 0.3% during the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock worth $4,723,000 after purchasing an additional 109 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Prudential Financial by 90.2% during the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after purchasing an additional 111 shares during the period. Finally, Northcape Wealth Management LLC lifted its holdings in shares of Prudential Financial by 5.8% during the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock worth $235,000 after purchasing an additional 115 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of PRU traded down $0.82 during trading hours on Monday, reaching $106.08. 483,505 shares of the company traded hands, compared to its average volume of 1,744,524. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $37.34 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The stock has a fifty day simple moving average of $105.61 and a 200 day simple moving average of $105.44.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. The business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.39 earnings per share. As a group, research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the sale, the executive vice president directly owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Piper Sandler decreased their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. UBS Group cut their price objective on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Morgan Stanley increased their price objective on Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, August 18th. JPMorgan Chase & Co. increased their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company cut their price objective on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $122.08.

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.