Brandywine Global Investment Management LLC Sells 8,741 Shares of Prudential Financial, Inc. $PRU

Key Points

• Brandywine Global Investment Management LLC reduced its stake in Prudential Financial by 4.5%, selling 8,741 shares, and now owns approximately $20.8 million worth of Prudential stock.
• Major shareholder Insurance Co Of America acquired 1,675,978 shares of Prudential Financial, boosting their stake by 112.29% and valuing it at around $90.7 million post-transaction.
• Prudential Financial's latest quarterly earnings exceeded expectations, reporting $3.58 EPS against a consensus estimate of $3.22, despite a 2.5% year-over-year decline in revenue.

Brandywine Global Investment Management LLC lessened its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 186,096 shares of the financial services provider's stock after selling 8,741 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.05% of Prudential Financial worth $20,783,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its holdings in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after buying an additional 111 shares in the last quarter. North Capital Inc. acquired a new stake in Prudential Financial in the first quarter valued at $28,000. Cheviot Value Management LLC purchased a new stake in Prudential Financial during the first quarter worth approximately $26,000. Clearstead Trust LLC increased its stake in Prudential Financial by 350.8% in the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 207 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Prudential Financial during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 56.83% of the company's stock.

Prudential Financial Stock Down 0.4%

Shares of NYSE:PRU traded down $0.40 during midday trading on Tuesday, hitting $106.22. 1,251,100 shares of the company's stock traded hands, compared to its average volume of 1,778,214. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The company has a market cap of $37.39 billion, a PE ratio of 23.55, a P/E/G ratio of 0.94 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The firm's fifty day moving average price is $104.98 and its two-hundred day moving average price is $106.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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. 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 analyst estimates of $13.47 billion. During the same quarter last year, the firm posted $3.39 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be issued a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the purchase, the insider directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on PRU. Morgan Stanley upped their price target on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday. Barclays boosted their price target 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. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. UBS Group decreased their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, Piper Sandler dropped their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Prudential Financial has a consensus rating of "Hold" and a consensus target price of $122.08.

About Prudential Financial

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.