Prudential Financial, Inc. (NYSE:PRU) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management has increased its holdings in Prudential Financial by 13.6%, owning over 631,000 shares valued at approximately $70.5 million.
• Prudential Financial reported earnings per share of $3.58 for the last quarter, exceeding analysts' expectations of $3.22.
• The company announced a quarterly dividend of $1.35 per share, representing a 5.2% yield and a dividend payout ratio of 119.73%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 631,119 shares of the financial services provider's stock after buying an additional 75,586 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Prudential Financial worth $70,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Prudential Financial by 3.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock valued at $2,320,000 after purchasing an additional 721 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of Prudential Financial by 728.4% in the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 743 shares during the period. Exchange Traded Concepts LLC increased its holdings in shares of Prudential Financial by 9.7% in the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 222 shares during the period. Bridgewater Associates LP increased its holdings in shares of Prudential Financial by 41.8% in the fourth quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider's stock valued at $46,031,000 after purchasing an additional 114,459 shares during the period. Finally, Sound Income Strategies LLC increased its holdings in shares of Prudential Financial by 9.0% in the first quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock valued at $3,954,000 after purchasing an additional 2,913 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Price Performance

PRU traded up $0.01 on Monday, hitting $103.31. 2,000,113 shares of the company's stock were exchanged, compared to its average volume of 1,793,758. 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 market cap of $36.37 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 0.95 and a beta of 1.07. The firm has a 50-day moving average price of $104.81 and a 200-day moving average price of $106.68. 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 (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping 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 net margin of 2.75% and a return on equity of 15.80%. The company's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the firm posted $3.39 earnings per share. As a group, equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The shares were bought 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 directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

PRU has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. UBS Group lowered their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Morgan Stanley lowered their target price on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Wells Fargo & Company lowered their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. Finally, Piper Sandler lowered their target price 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 equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $121.75.

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.