Mirae Asset Global Investments Co. Ltd. Has $4.81 Million Stock Holdings in Prudential Financial, Inc. $PRU

Key Points

• Mirae Asset Global Investments Co. Ltd. has increased its stake in Prudential Financial by 7.7%, owning a total of 44,722 shares valued at approximately $4.81 million.
• Prudential Financial reported earnings of $3.58 per share for the latest quarter, surpassing the consensus estimate by $0.36, although its revenue decreased by 2.5% year-over-year.
• The company declared a quarterly dividend of $1.35 per share, resulting in an annualized payout of $5.40, which reflects a dividend yield of 5.2% and a payout ratio of 119.73%.

Mirae Asset Global Investments Co. Ltd. increased its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 7.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,722 shares of the financial services provider's stock after purchasing an additional 3,200 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Prudential Financial were worth $4,805,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in Prudential Financial in the first quarter valued at approximately $90,010,000. Goldman Sachs Group Inc. lifted its stake in shares of Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock valued at $469,777,000 after purchasing an additional 678,028 shares during the period. Amundi boosted its position in shares of Prudential Financial by 14.1% in the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider's stock worth $183,571,000 after purchasing an additional 216,119 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Prudential Financial by 72.8% during the first quarter. AQR Capital Management LLC now owns 424,659 shares of the financial services provider's stock worth $46,789,000 after purchasing an additional 178,888 shares during the period. Finally, Invesco Ltd. increased its holdings in Prudential Financial by 2.7% in the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock valued at $495,859,000 after purchasing an additional 116,079 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $103.21 on Tuesday. The company has a fifty day moving average price of $105.18 and a 200 day moving average price of $104.74. The firm has a market cap of $36.33 billion, a PE ratio of 22.88, a PEG ratio of 0.92 and a beta of 1.04. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55.

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

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. Prudential Financial's dividend payout ratio is 119.73%.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction that occurred on Friday, August 29th. The shares were 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 in the company, valued at $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRU has been the subject of several analyst reports. Wolfe Research initiated coverage on Prudential Financial in a research report on Tuesday, September 16th. They set a "peer perform" rating for the company. Wells Fargo & Company decreased their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Prudential Financial in a report on Saturday, September 27th. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Piper Sandler dropped their price objective on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Prudential Financial currently has an average rating of "Hold" and a consensus target price of $122.08.

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.

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