Gulf International Bank UK Ltd Decreases Stake in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Prudential Financial by 12.3%, owning 21,269 shares worth $2,375,000 after selling 2,980 shares in the first quarter.
• Prudential Financial reported $3.58 earnings per share for the last quarter, surpassing estimates, and a quarterly revenue of $13.50 billion, down 2.5% year-over-year.
• The company announced a quarterly dividend of $1.35 per share with a yield of 5.1%, representing a dividend payout ratio of 119.73%.

Gulf International Bank UK Ltd lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,269 shares of the financial services provider's stock after selling 2,980 shares during the quarter. Gulf International Bank UK Ltd's holdings in Prudential Financial were worth $2,375,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock worth $436,000 after buying an additional 133 shares during the period. Marshall Wace LLP increased its holdings in Prudential Financial by 322.9% in the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider's stock worth $84,287,000 after buying an additional 542,964 shares during the period. Farringdon Capital Ltd. acquired a new position in Prudential Financial in the 4th quarter worth approximately $401,000. Canada Pension Plan Investment Board increased its holdings in Prudential Financial by 5.7% in the 4th quarter. Canada Pension Plan Investment Board now owns 164,304 shares of the financial services provider's stock worth $19,475,000 after buying an additional 8,900 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in Prudential Financial by 3.4% during 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 period. Institutional investors and hedge funds own 56.83% of the company's stock.

Prudential Financial Price Performance

NYSE PRU traded down $0.84 during mid-day trading on Friday, hitting $105.98. The stock had a trading volume of 1,188,014 shares, compared to its average volume of 1,802,432. The firm's 50 day moving average is $104.96 and its 200 day moving average is $106.27. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month 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 has a market capitalization of $37.30 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $13.47 billion. During the same period last year, the company earned $3.39 EPS. The company's revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid 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 dividend yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is 119.73%.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of research reports. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. UBS Group decreased their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Barclays boosted their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Piper Sandler decreased their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lowered their price objective 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $121.75.

Insider Activity

In related 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 stock was acquired at an average cost 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 $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by company insiders.

Prudential Financial Company 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.