Prudential Financial, Inc. (NYSE:PRU) Position Reduced by M&T Bank Corp

M&T Bank Corp cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 3.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,670 shares of the financial services provider's stock after selling 2,858 shares during the period. M&T Bank Corp's holdings in Prudential Financial were worth $8,898,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Norges Bank purchased a new stake in Prudential Financial during the 4th quarter worth approximately $115,878,000. Northern Trust Corp increased its stake in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after buying an additional 897,916 shares during the last quarter. GAMMA Investing LLC raised its holdings in Prudential Financial by 11,280.3% in the first quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock valued at $96,923,000 after acquiring an additional 860,239 shares in the last quarter. Marshall Wace LLP boosted its stake in Prudential Financial by 322.9% during the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock valued at $84,287,000 after acquiring an additional 542,964 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Prudential Financial by 11.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock worth $404,230,000 after acquiring an additional 352,335 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. UBS Group reduced their price target on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. JPMorgan Chase & Co. increased their target price on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday. Morgan Stanley boosted their price target on Prudential Financial from $108.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Wells Fargo & Company raised their price objective on Prudential Financial from $113.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Barclays boosted their target price on shares of Prudential Financial from $109.00 to $119.00 and gave the company an "equal weight" rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $122.15.

Prudential Financial Stock Performance

Shares of Prudential Financial stock traded down $1.35 during trading on Friday, hitting $105.80. 1,425,059 shares of the stock were exchanged, compared to its average volume of 1,662,865. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55. The stock's fifty day moving average is $105.23 and its 200 day moving average is $108.94. The stock has a market cap of $37.45 billion, a PE ratio of 16.77, a P/E/G ratio of 1.03 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping the consensus estimate of $3.18 by $0.11. The firm had revenue of $13.61 billion during the quarter, compared to analysts' expectations of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. Prudential Financial's quarterly revenue was down 38.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.12 EPS. As a group, sell-side analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial's payout ratio is currently 85.58%.

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.