Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 837,696 shares of the financial services provider's stock, valued at approximately $90,413,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.24% of Prudential Financial as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in PRU. Brighton Jones LLC boosted its holdings in Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock worth $436,000 after purchasing an additional 133 shares during the period. Empowered Funds LLC lifted its position in shares of Prudential Financial by 30.5% in the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider's stock worth $1,976,000 after buying an additional 4,134 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Prudential Financial by 3.5% in the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider's stock valued at $447,000 after buying an additional 140 shares during the period. AXA S.A. grew its position in shares of Prudential Financial by 25.8% during the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider's stock valued at $6,092,000 after buying an additional 11,630 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in Prudential Financial by 15.1% during the second quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider's stock worth $4,005,000 after acquiring an additional 4,895 shares during the period. Institutional investors own 56.83% of the company's stock.
Insider Buying and Selling
In other news, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company's stock.
Prudential Financial Stock Down 0.0%
Shares of Prudential Financial stock opened at $124.55 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $127.72. The business's fifty day moving average price is $115.78 and its two-hundred day moving average price is $105.44. The company has a market capitalization of $42.97 billion, a P/E ratio of 11.28, a PEG ratio of 2.38 and a beta of 0.84.
Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The company had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.36 billion. During the same quarter in the prior year, the business posted $3.58 earnings per share. As a group, research analysts forecast that Prudential Financial, Inc. will post 14.17 EPS for the current year.
Prudential Financial Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, August 25th. Prudential Financial's payout ratio is 50.72%.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Wall Street Zen downgraded Prudential Financial from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Morgan Stanley reaffirmed an "underweight" rating and issued a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $129.00 to $131.00 and gave the company a "neutral" rating in a report on Monday. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Finally, Zacks Research raised shares of Prudential Financial from a "strong sell" rating to a "hold" rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $107.77.
Read Our Latest Stock Analysis on Prudential Financial
Prudential Financial Company Profile
(
Free Report)
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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