Prudential Financial, Inc. $PRU Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Prudential Financial stake by 10,014.4% in the second quarter, acquiring 62.5 million additional shares and ending with an 18.31% ownership stake valued at $6.82 billion.
• Prudential reported quarterly EPS of $4.08, beating analysts’ $3.52 estimate, while revenue of $14.15 billion fell slightly short of expectations. The company declared a $1.40 quarterly dividend, representing a 4.8% yield.
• PRU shares recently traded at $117.64, while analysts maintained a largely cautious outlook: the consensus rating was “Reduce” with an average price target of $109.31.

California State Teachers Retirement System lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 10,014.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,173,911 shares of the financial services provider's stock after acquiring an additional 62,549,318 shares during the quarter. California State Teachers Retirement System owned 18.31% of Prudential Financial worth $6,818,360,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Prudential Financial during the second quarter worth $3,507,481,000. Bank of New York Mellon Corp acquired a new stake in Prudential Financial in the second quarter valued at $209,055,000. Bank of America Corp DE purchased a new position in shares of Prudential Financial in the second quarter valued at $208,957,000. Deutsche Bank AG acquired a new position in shares of Prudential Financial during the 2nd quarter worth $157,752,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of 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 buying an additional 1,247,371 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Down 1.5%

Prudential Financial stock opened at $117.64 on Thursday. The stock has a 50-day moving average price of $119.79 and a 200 day moving average price of $107.19. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $127.72. The stock has a market cap of $40.59 billion, a PE ratio of 10.66, a P/E/G ratio of 1.80 and a beta of 0.83. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same period in the prior year, the firm earned $3.58 EPS. Equities research analysts predict that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.8%. Prudential Financial's dividend payout ratio is presently 50.72%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann M. Kappler sold 7,652 shares of Prudential Financial stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value 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 position. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PRU has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on shares of Prudential Financial from $129.00 to $131.00 and gave the company a "neutral" rating in a research note on Monday, August 17th. TD Cowen upped their price target on shares of Prudential Financial from $102.00 to $114.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Morgan Stanley raised their price objective on shares of Prudential Financial from $92.00 to $105.00 and gave the stock an "underweight" rating in a research note on Monday, August 24th. Finally, Keefe, Bruyette & Woods lifted 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. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Prudential Financial has a consensus rating of "Reduce" and an average price target of $109.31.

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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