Prudential Financial, Inc. $PRU Shares Acquired by Jones Financial Companies Lllp

Key Points

• Jones Financial Companies increased its Prudential Financial stake by 21.3% in the second quarter, while institutional investors collectively owned 56.83% of the company’s stock.
• Prudential reported quarterly EPS of $4.08, beating the $3.52 consensus estimate, although revenue of $14.15 billion fell short of expectations.
• The company declared a quarterly dividend of $1.40 per share, equating to $5.60 annually and a 4.6% yield. Analysts remain cautious, with an average “Reduce” rating and a $109.31 price target.

Jones Financial Companies Lllp lifted its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 21.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 58,436 shares of the financial services provider's stock after purchasing an additional 10,257 shares during the quarter. Jones Financial Companies Lllp's holdings in Prudential Financial were worth $6,325,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Place Capital Corp grew its holdings in shares of Prudential Financial by 413.6% in the second quarter. Park Place Capital Corp now owns 9,286 shares of the financial services provider's stock valued at $1,002,000 after purchasing an additional 7,478 shares during the period. Fiduciary Financial Advisors purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at approximately $90,000. L2 Asset Management LLC purchased a new stake in shares of Prudential Financial during the 2nd quarter valued at approximately $214,000. Cibc World Market Inc. lifted its holdings in Prudential Financial by 32.0% in the second quarter. Cibc World Market Inc. now owns 73,085 shares of the financial services provider's stock valued at $7,888,000 after acquiring an additional 17,732 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp grew its position in Prudential Financial by 12.6% in the second quarter. OMERS ADMINISTRATION Corp now owns 18,794 shares of the financial services provider's stock worth $2,028,000 after acquiring an additional 2,100 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Buying and Selling

In other news, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is owned by insiders.

Prudential Financial Price Performance

Prudential Financial stock opened at $122.67 on Tuesday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The firm has a market cap of $42.32 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 2.29 and a beta of 0.84. The company's 50 day moving average is $116.93 and its two-hundred day moving average is $105.78.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter in the previous year, the firm posted $3.58 earnings per share. On average, research analysts expect that Prudential Financial, Inc. will post 14.24 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial's dividend payout ratio (DPR) is presently 50.72%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Jefferies Financial Group lifted 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. Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $113.00 to $123.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 11th. Piper Sandler upped their target price on shares of Prudential Financial from $110.00 to $128.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Prudential Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, June 12th. Finally, Morgan Stanley lifted their price target on shares of Prudential Financial from $92.00 to $105.00 and gave the company an "underweight" rating in a research report on Monday. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $109.31.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source