Norinchukin Bank The Acquires 2,547 Shares of Prudential Financial, Inc. $PRU

Key Points

• Norinchukin Bank increased its stake in Prudential Financial by 15.4%, now holding a total of 19,053 shares valued at approximately $2.13 million as of its latest SEC filing.
• Prudential Financial reported an EPS of $3.58 for the last quarter, surpassing analysts' expectations, with a revenue of $13.50 billion, although this represents a 2.5% decline from the previous year.
• The company declared a quarterly dividend of $1.35 per share, equating to an annualized yield of 4.9%, with a payout ratio of 119.73%.

Norinchukin Bank The boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 15.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,053 shares of the financial services provider's stock after buying an additional 2,547 shares during the period. Norinchukin Bank The's holdings in Prudential Financial were worth $2,128,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after acquiring an additional 111 shares during the last quarter. North Capital Inc. bought a new position in shares of Prudential Financial in the first quarter worth about $28,000. Cheviot Value Management LLC bought a new position in shares of Prudential Financial in the first quarter worth about $26,000. Clearstead Trust LLC lifted its holdings in shares of Prudential Financial by 350.8% in the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after acquiring an additional 207 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial in the first quarter worth about $30,000. Institutional investors own 56.83% of the company's stock.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research reports. Piper Sandler dropped their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Morgan Stanley raised their price objective on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. JPMorgan Chase & Co. raised their price objective on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company lowered their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. Finally, Barclays raised their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $122.08.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the company's stock in a transaction on Monday, June 16th. The shares were acquired at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the purchase, the insider owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.25% of the company's stock.

Prudential Financial Stock Up 0.2%

NYSE PRU traded up $0.21 during mid-day trading on Wednesday, hitting $109.59. The company's stock had a trading volume of 936,851 shares, compared to its average volume of 1,768,668. The company's 50 day simple moving average is $105.42 and its 200 day simple moving average is $105.83. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $38.57 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 0.97 and a beta of 1.07.

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

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.35 per share. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 4.9%. Prudential Financial's dividend payout ratio (DPR) is 119.73%.

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.