Aberdeen Group plc Decreases Stock Position in Prudential Financial, Inc. $PRU

Key Points

• Aberdeen Group plc reduced its stake in Prudential Financial by 76.3% during the first quarter, selling nearly 1 million shares and now holding 310,694 shares valued at approximately $34.4 million.
• Insider trading activity includes Insurance Co Of Ame Prudential purchasing over 1.6 million shares, increasing its ownership by 112.29%, with a total value of around $48 million.
• Analysts have mixed views on Prudential Financial, with target price changes from brokerages leading to an average price target of $121.75 and ratings ranging from "sell" to "buy."

Aberdeen Group plc lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 76.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 310,694 shares of the financial services provider's stock after selling 998,968 shares during the quarter. Aberdeen Group plc owned approximately 0.09% of Prudential Financial worth $34,357,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRU. Brighton Jones LLC raised its holdings in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after acquiring an additional 133 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Prudential Financial by 5.7% in the fourth quarter. Canada Pension Plan Investment Board now owns 164,304 shares of the financial services provider's stock valued at $19,475,000 after purchasing an additional 8,900 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Prudential Financial by 3.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 415,502 shares of the financial services provider's stock valued at $49,240,000 after purchasing an additional 13,588 shares during the last quarter. Forum Financial Management LP increased its holdings in shares of Prudential Financial by 3.2% in the fourth quarter. Forum Financial Management LP now owns 9,368 shares of the financial services provider's stock valued at $1,110,000 after purchasing an additional 287 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Prudential Financial by 20.8% in the fourth quarter. First Trust Advisors LP now owns 711,628 shares of the financial services provider's stock valued at $84,349,000 after purchasing an additional 122,616 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The stock was acquired at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the transaction, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PRU shares. Barclays increased their price target on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods cut their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley increased their price target on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Trading Up 0.8%

Prudential Financial stock traded up $0.8170 during mid-day trading on Wednesday, hitting $107.0670. The company's stock had a trading volume of 1,537,882 shares, compared to its average volume of 1,776,694. The firm has a market capitalization of $37.69 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 0.95 and a beta of 1.07. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The stock's fifty day moving average is $104.98 and its two-hundred day moving average is $106.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly 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 return on equity of 15.80% and a net margin of 2.75%.The business had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the business posted $3.39 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. On average, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is currently 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.