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Mizuho Securities USA LLC Sells 5,396 Shares of Prudential Financial, Inc. (NYSE:PRU)

Prudential Financial logo with Finance background

Key Points

  • Mizuho Securities USA LLC sold 5,396 shares of Prudential Financial, reducing its holdings by 16% to 28,345 shares, valued at approximately $3.17 million.
  • Prudential Financial reported an earnings per share (EPS) of $3.58 for the most recent quarter, exceeding the consensus estimate of $3.22, with a revenue of $13.50 billion.
  • The company declared a quarterly dividend of $1.35, which will be paid on September 11th, providing an annual yield of 5.2%.
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Mizuho Securities USA LLC trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 16.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,345 shares of the financial services provider's stock after selling 5,396 shares during the period. Mizuho Securities USA LLC's holdings in Prudential Financial were worth $3,166,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Manhattan West Asset Management LLC grew its holdings in shares of Prudential Financial by 7.0% in the 1st quarter. Manhattan West Asset Management LLC now owns 7,234 shares of the financial services provider's stock valued at $808,000 after acquiring an additional 476 shares in the last quarter. Donoghue Forlines LLC grew its holdings in shares of Prudential Financial by 6.3% in the 1st quarter. Donoghue Forlines LLC now owns 13,714 shares of the financial services provider's stock valued at $1,532,000 after acquiring an additional 817 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Prudential Financial in the 1st quarter valued at about $81,000. Founders Financial Alliance LLC bought a new position in shares of Prudential Financial in the 1st quarter valued at about $210,000. Finally, Savvy Advisors Inc. grew its holdings in shares of Prudential Financial by 16.0% in the 1st quarter. Savvy Advisors Inc. now owns 5,756 shares of the financial services provider's stock valued at $643,000 after acquiring an additional 793 shares in the last quarter. Institutional investors own 56.83% of the company's stock.

Wall Street Analyst Weigh In

PRU has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. UBS Group cut their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Morgan Stanley cut their target price on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Finally, Piper Sandler cut their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $121.75.

Get Our Latest Stock Analysis on PRU

Prudential Financial Stock Up 2.6%

Shares of PRU opened at $103.29 on Monday. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The firm's 50 day moving average is $104.81 and its 200-day moving average is $106.68. The stock has a market capitalization of $36.36 billion, a PE ratio of 22.90, a P/E/G ratio of 0.95 and a beta of 1.07. 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 announced its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.47 billion. During the same period last year, the firm earned $3.39 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

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

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were acquired 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 $90,744,723.04. The trade was a 112.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by company insiders.

Prudential Financial Company Profile

(Free Report)

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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Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial, Inc. (NYSE:PRU - Free Report).

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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