Prudential Financial, Inc. $PRU Shares Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its holdings in Prudential Financial by 11.1% during the second quarter, owning 888,793 shares worth approximately $95.5 million.
• Prudential Financial's most recent quarterly earnings reported a net revenue of $8.35 billion with an earnings per share (EPS) of $3.58.
• The company also declared a quarterly dividend of $1.35 per share, resulting in an annualized dividend yield of 5.3%.

Sumitomo Mitsui Trust Group Inc. grew its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 11.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 888,793 shares of the financial services provider's stock after buying an additional 88,657 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Prudential Financial worth $95,492,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invesco Ltd. increased its stake in shares of Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock worth $495,859,000 after acquiring an additional 116,079 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Prudential Financial by 19.2% during the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after purchasing an additional 678,028 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Prudential Financial by 5.6% during the first quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider's stock worth $201,201,000 after purchasing an additional 95,021 shares during the period. Amundi boosted its holdings in Prudential Financial by 14.1% in the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider's stock valued at $183,571,000 after purchasing an additional 216,119 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Prudential Financial by 49.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider's stock valued at $184,192,000 after buying an additional 567,571 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of Prudential Financial stock opened at $102.23 on Friday. The stock has a market capitalization of $35.99 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 0.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The business has a 50-day moving average of $104.68 and a 200 day moving average of $104.27. Prudential Financial, Inc. has a 12 month low of $90.38 and a 12 month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 EPS for the quarter. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The business had revenue of $8.35 billion during the quarter. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.3%. Prudential Financial's dividend payout ratio is currently 119.73%.

Analyst Ratings Changes

A number of research firms recently commented on PRU. Weiss Ratings reiterated a "hold (c)" rating on shares of Prudential Financial in a report on Saturday. Morgan Stanley lifted their target price on Prudential Financial from $117.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 7th. Barclays lowered their price target on Prudential Financial from $120.00 to $117.00 and set an "equal weight" rating for the company in a report on Wednesday, October 8th. Piper Sandler decreased their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Wolfe Research started coverage on shares of Prudential Financial in a research report on Tuesday, September 16th. They set a "peer perform" rating for the company. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Prudential Financial has a consensus rating of "Hold" and an average target price of $122.27.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the business's stock in a transaction 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 of the company's stock, valued at $2,358,132.90. The trade was a 15.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.25% of the company's stock.

Prudential Financial Company 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.

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