LSV Asset Management Sells 13,060 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• LSV Asset Management reduced its stake in Prudential Financial by 4.0% during the first quarter, now owning 314,377 shares valued at approximately $35.1 million.
• Major shareholder Insurance Co Of Ame Prudential significantly increased its holdings by purchasing 1,675,978 shares for over $48 million, raising their ownership by 112.29%.
• Prudential Financial reported a quarterly EPS of $3.58, exceeding estimates, while the stock holds an average target price of $121.75 with a consensus "hold" rating from analysts.

LSV Asset Management cut its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 4.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 314,377 shares of the financial services provider's stock after selling 13,060 shares during the quarter. LSV Asset Management owned 0.09% of Prudential Financial worth $35,110,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its position in shares of Prudential Financial by 90.2% in the first 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 in the last quarter. North Capital Inc. acquired a new position in Prudential Financial in the first quarter worth approximately $28,000. Opal Wealth Advisors LLC acquired a new position in Prudential Financial in the first quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Prudential Financial in the fourth quarter worth approximately $38,000. Finally, Park Place Capital Corp increased its holdings in Prudential Financial by 1,841.2% in the first quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock worth $37,000 after buying an additional 313 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

NYSE PRU traded up $0.95 during trading on Wednesday, reaching $104.13. 1,656,482 shares of the company traded hands, compared to its average volume of 1,679,641. 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 stock's 50 day moving average price is $104.87 and its two-hundred day moving average price is $107.09. The company has a market cap of $36.65 billion, a price-to-earnings ratio of 23.09, a P/E/G 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.

Prudential Financial (NYSE:PRU - Get Free Report) last issued 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 company 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 was down 2.5% on a year-over-year basis. During the same period last year, the business earned $3.39 earnings per share. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Tuesday, August 19th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's payout ratio is currently 119.73%.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the business's stock in a transaction that occurred 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 completion of the acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRU has been the topic of a number of research reports. 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 report on Tuesday, July 8th. 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 lowered their price target on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. Piper Sandler lowered their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Finally, UBS Group lowered their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $121.75.

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.