Northern Trust Corp Sells 191,476 Shares of Prudential Financial, Inc. $PRU

Key Points

• Northern Trust Corp has reduced its holdings in Prudential Financial by 4.1%, selling 191,476 shares during the first quarter, leaving it with approximately 1.27% of the company's stock valued at about $502 million.
• Prudential Financial reported $3.58 earnings per share in its latest quarterly earnings, surpassing the consensus estimate by $0.36 and showing a revenue of $13.50 billion.
• The company announced a quarterly dividend of $1.35 per share, equating to a 5.1% yield, with a payout ratio of approximately 119.73%.

Northern Trust Corp lessened its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,495,214 shares of the financial services provider's stock after selling 191,476 shares during the period. Northern Trust Corp owned approximately 1.27% of Prudential Financial worth $502,026,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SPC Financial Inc. grew its stake in Prudential Financial by 2.6% during the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock valued at $444,000 after purchasing an additional 100 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in Prudential Financial by 3.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock worth $306,000 after buying an additional 101 shares during the last quarter. Principle Wealth Partners LLC lifted its holdings in Prudential Financial by 0.3% during the 1st quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock worth $4,723,000 after buying an additional 109 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after purchasing an additional 111 shares during the last quarter. Finally, Northcape Wealth Management LLC lifted its holdings in shares of Prudential Financial by 5.8% in the 1st quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock worth $235,000 after purchasing an additional 115 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Barclays lifted their target price on Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Wells Fargo & Company decreased their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $122.08.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was bought at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the purchase, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company's stock.

Prudential Financial Stock Up 2.5%

PRU traded up $2.63 during trading on Friday, reaching $109.80. 1,957,163 shares of the stock traded hands, compared to its average volume of 1,771,471. The stock has a market cap of $38.65 billion, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The stock's 50-day simple moving average is $105.21 and its two-hundred day simple moving average is $105.94.

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

Prudential Financial Dividend Announcement

The business 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 dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio is 119.73%.

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.