MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Holdings in Prudential Financial, Inc. $PRU

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Prudential Financial by 5.2%, acquiring 4,651 additional shares, bringing its total to 93,931 shares worth approximately $10.5 million.
• Prudential Financial reported $3.58 earnings per share for the last quarter, surpassing analysts' estimates by $0.36, despite a 2.5% decline in year-over-year revenue.
• A quarterly dividend of $1.35 per share has been declared, equating to an annual yield of 5.1%, with a payout ratio of 119.73%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,931 shares of the financial services provider's stock after buying an additional 4,651 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Prudential Financial were worth $10,478,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock valued at $2,320,000 after buying an additional 721 shares during the period. Golden State Wealth Management LLC raised its position in shares of Prudential Financial by 728.4% in the 1st quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock worth $94,000 after purchasing an additional 743 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Prudential Financial by 68.2% in the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider's stock worth $12,373,000 after purchasing an additional 44,937 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Prudential Financial by 9.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after purchasing an additional 222 shares during the last quarter. Finally, Sound Income Strategies LLC raised its position in shares of Prudential Financial by 9.0% in the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after purchasing an additional 2,913 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRU. JPMorgan Chase & Co. lifted their price target on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wells Fargo & Company lowered their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. Piper Sandler lowered their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Morgan Stanley boosted their target price on Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Finally, Barclays boosted their target price on Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Stock Performance

Shares of Prudential Financial stock traded down $0.47 during trading hours on Monday, reaching $106.43. 399,925 shares of the stock traded hands, compared to its average volume of 1,744,152. The company has a 50 day moving average price of $105.61 and a 200 day moving average price of $105.44. The firm has a market capitalization of $37.46 billion, a price-to-earnings ratio of 23.61, a P/E/G ratio of 0.95 and a beta of 1.07. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60.

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

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a dividend of $1.35 per share. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.1%. Prudential Financial's payout ratio is 119.73%.

Insider Activity

In related news, EVP Ann M. Kappler sold 4,000 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company 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.