Skandinaviska Enskilda Banken AB publ Acquires 7,002 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its holdings in Prudential Financial by 10.0%, owning 77,084 shares worth approximately $8.61 million after acquiring an additional 7,002 shares.
• Prudential Financial reported a net margin of 3.84% and a quarterly loss in revenue of 38.2% year-over-year, despite posting earnings per share of $3.29, beating estimates by $0.11.
• The company announced a quarterly dividend of $1.35 per share, which represents an annualized payout of $5.40 and a yield of 5.13% with a payout ratio of 85.58%.

Skandinaviska Enskilda Banken AB publ boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 10.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,084 shares of the financial services provider's stock after buying an additional 7,002 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Prudential Financial were worth $8,609,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in Prudential Financial by 3.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock worth $2,320,000 after purchasing an additional 721 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of Prudential Financial by 728.4% in the 1st quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock worth $94,000 after purchasing an additional 743 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Prudential Financial by 9.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after purchasing an additional 222 shares during the period. Bridgewater Associates LP lifted its position in shares of Prudential Financial by 41.8% in the 4th quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider's stock worth $46,031,000 after purchasing an additional 114,459 shares during the period. Finally, Sound Income Strategies LLC lifted its position in shares of Prudential Financial by 9.0% in the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after purchasing an additional 2,913 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRU has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Barclays increased their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wall Street Zen lowered shares of Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods cut 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 research note on Wednesday, May 7th. Finally, Wells Fargo & Company cut their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $121.75.

Prudential Financial Stock Down 1.1%

Shares of PRU stock traded down $1.13 on Wednesday, hitting $102.32. The stock had a trading volume of 522,419 shares, compared to its average volume of 1,755,739. The business has a 50 day moving average of $104.90 and a 200 day moving average of $107.65. The stock has a market cap of $36.22 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 1.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.11. The company had revenue of $13.61 billion during the quarter, compared to analyst estimates of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The firm's revenue for the quarter was down 38.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.12 earnings per share. As a group, 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 was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, May 20th. This represents a $5.40 annualized dividend and a yield of 5.28%. Prudential Financial's payout ratio is currently 85.58%.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of Prudential Financial stock in a transaction that occurred on 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 completion of the transaction, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

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.