PNC Financial Services Group Inc. Lowers Stake in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Prudential Financial by 2.4%, owning 114,421 shares valued at approximately $12.78 million after the sale.
• Prudential Financial reported quarterly earnings of **$3.58 EPS**, surpassing analyst expectations, while revenues for the quarter were **$13.50 billion**.
• The company declared a **quarterly dividend** of **$1.35**, reflecting an annualized dividend of **$5.40** and a yield of **5.2%** despite a dividend payout ratio of **119.73%**.

PNC Financial Services Group Inc. lowered its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,421 shares of the financial services provider's stock after selling 2,829 shares during the period. PNC Financial Services Group Inc.'s holdings in Prudential Financial were worth $12,778,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Northern Trust Corp grew its stake in shares of Prudential Financial by 23.7% in the 4th quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after buying an additional 897,916 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Prudential Financial by 11.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock valued at $404,230,000 after purchasing an additional 352,335 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Prudential Financial by 6.1% during the fourth quarter. Ameriprise Financial Inc. now owns 1,706,530 shares of the financial services provider's stock valued at $202,279,000 after purchasing an additional 97,406 shares in the last quarter. Mariner LLC raised its holdings in Prudential Financial by 3.7% during the fourth quarter. Mariner LLC now owns 1,476,899 shares of the financial services provider's stock valued at $175,051,000 after acquiring an additional 52,010 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Prudential Financial by 7.8% during the first quarter. Federated Hermes Inc. now owns 1,176,359 shares of the financial services provider's stock valued at $131,376,000 after acquiring an additional 85,480 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Performance

Shares of NYSE PRU traded up $2.61 during mid-day trading on Friday, hitting $103.29. The stock had a trading volume of 1,996,535 shares, compared to its average volume of 1,752,058. 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 company has a 50 day moving average of $104.81 and a two-hundred day moving average of $106.83. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The firm has a market cap of $36.36 billion, a PE ratio of 22.90, a PEG ratio of 0.92 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $13.50 billion for the quarter, compared to the consensus estimate of $13.47 billion. During the same period in the prior year, the firm earned $3.39 EPS. The firm's revenue was down 2.5% on a year-over-year basis. Research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared 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. This represents a $5.40 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio is presently 119.73%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction on Monday, June 16th. The shares were bought 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 owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRU. Wells Fargo & Company reduced their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Barclays boosted their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lowered 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $121.75.

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.