Prudential Financial, Inc. (NYSE:PRU) Shares Sold by PNC Financial Services Group Inc.

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

A number of other institutional investors and hedge funds also recently modified their holdings of PRU. Meeder Asset Management Inc. boosted its position 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 valued at $26,000 after purchasing an additional 111 shares during the period. North Capital Inc. acquired a new position in shares of Prudential Financial during the first quarter valued at $28,000. Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial during the first quarter worth about $30,000. Park Place Capital Corp increased its holdings in shares of Prudential Financial by 1,841.2% in the 1st quarter. Park Place Capital Corp now owns 330 shares of the financial services provider's stock worth $37,000 after acquiring an additional 313 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Prudential Financial in the 4th quarter valued at about $38,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of PRU opened at $103.24 on Wednesday. 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 firm's 50 day moving average is $104.87 and its 200-day moving average is $107.09. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The stock has a market capitalization of $36.34 billion, a P/E ratio of 22.89, a P/E/G ratio of 0.93 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.36. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.39 earnings per share. Equities research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have commented on PRU. JPMorgan Chase & Co. raised their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wells Fargo & Company decreased their price objective on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. Barclays lifted their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Morgan Stanley decreased their price target on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Finally, UBS Group cut their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $121.75.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The stock was bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.25% of the company's stock.

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.

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