Prudential Financial, Inc. $PRU Holdings Increased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Prudential Financial stake by 2.7% in the second quarter to 739,294 shares valued at approximately $79.8 million. Institutional investors collectively own 56.83% of PRU.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $109.31, despite several firms raising their targets. The stock recently traded at $119.39, near its 52-week high of $127.72.
• Prudential reported quarterly EPS of $4.08, beating expectations of $3.52, and maintains a quarterly dividend of $1.40, equivalent to a 4.7% annualized yield.

Envestnet Asset Management Inc. lifted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 739,294 shares of the financial services provider's stock after acquiring an additional 19,451 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Prudential Financial worth $79,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Prudential Financial during the second quarter worth $3,507,481,000. State Street Corp boosted its stake in shares of Prudential Financial by 1.2% during the 2nd quarter. State Street Corp now owns 17,164,760 shares of the financial services provider's stock worth $1,852,593,000 after purchasing an additional 209,179 shares during the period. Geode Capital Management LLC grew its holdings in Prudential Financial by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider's stock valued at $1,078,904,000 after purchasing an additional 26,414 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider's stock worth $367,089,000 after purchasing an additional 166,641 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in Prudential Financial by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider's stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

PRU has been the subject of several recent analyst reports. Jefferies Financial Group boosted their target price on Prudential Financial from $105.00 to $110.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Piper Sandler increased their price target on Prudential Financial from $110.00 to $128.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Mizuho raised their price target on Prudential Financial from $101.00 to $109.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Morgan Stanley upped their price objective on Prudential Financial from $92.00 to $105.00 and gave the company an "underweight" rating in a research report on Monday, August 24th. Finally, Wall Street Zen upgraded Prudential Financial from a "hold" rating to a "buy" rating in a research note on Sunday, September 20th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Prudential Financial presently has a consensus rating of "Reduce" and an average price target of $109.31.

Insider Activity

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by insiders.

Prudential Financial Stock Performance

Shares of NYSE:PRU opened at $119.39 on Friday. The firm has a 50 day moving average of $120.59 and a 200 day moving average of $108.69. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.19 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 1.79 and a beta of 0.83. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $127.72.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The business had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.36 billion. During the same quarter last year, the firm earned $3.58 EPS. On average, sell-side analysts predict that Prudential Financial, Inc. will post 14.59 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. Prudential Financial's dividend payout ratio (DPR) is presently 50.72%.

Prudential Financial Company Profile

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.

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