Prudential Financial, Inc. $PRU Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its stake in Prudential Financial by 239.6% in the first quarter, buying an additional 81,425 shares and bringing its total to 115,414 shares worth about $11.3 million.
• Prudential Financial’s latest quarterly results topped expectations, with $3.61 EPS versus the $3.09 consensus and revenue of $15.23 billion, while analysts now expect full-year EPS of 13.82.
• The company also paid a $1.40 quarterly dividend, equal to an annualized yield of about 4.9%; meanwhile, Wall Street remains cautious with a consensus rating of “Reduce” and an average price target of $104.58.

Fifth Third Bancorp lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 239.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,414 shares of the financial services provider's stock after buying an additional 81,425 shares during the period. Fifth Third Bancorp's holdings in Prudential Financial were worth $11,275,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Jessup Wealth Management Inc acquired a new position in shares of Prudential Financial in the fourth quarter valued at about $25,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Prudential Financial during the fourth quarter worth about $26,000. Salomon & Ludwin LLC boosted its position in Prudential Financial by 98.3% in the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider's stock valued at $27,000 after buying an additional 114 shares during the last quarter. SJS Investment Consulting Inc. increased its holdings in Prudential Financial by 93.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider's stock worth $27,000 after buying an additional 134 shares during the period. Finally, Lodestone Wealth Management LLC acquired a new position in Prudential Financial in the 4th quarter worth approximately $28,000. 56.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRU shares. Keefe, Bruyette & Woods upped their price objective on shares of Prudential Financial from $106.00 to $113.00 and gave the company a "market perform" rating in a report on Monday. Zacks Research raised shares of Prudential Financial from a "strong sell" rating to a "hold" rating in a report on Friday, June 12th. Mizuho upped their price target on shares of Prudential Financial from $101.00 to $109.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Weiss Ratings raised Prudential Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 12th. Finally, Bank of America reduced their price objective on Prudential Financial from $112.00 to $104.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Eleven investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $104.58.

Prudential Financial Stock Performance

PRU opened at $114.97 on Wednesday. The firm has a fifty day moving average price of $106.24 and a 200 day moving average price of $104.04. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $119.76. The stock has a market cap of $39.89 billion, a P/E ratio of 11.83, a P/E/G ratio of 2.11 and a beta of 0.85. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The company had revenue of $15.23 billion for the quarter, compared to analyst estimates of $14.10 billion. During the same quarter last year, the business earned $3.29 earnings per share. Equities research analysts anticipate that Prudential Financial, Inc. will post 13.82 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a yield of 4.9%. Prudential Financial's dividend payout ratio is presently 57.61%.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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