Prudential Financial, Inc. $PRU Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp has sold 3,699 shares of Prudential Financial, reducing its holdings by 9.1%, bringing its total ownership to 36,930 shares valued at approximately $3.97 million.
• Prudential Financial recently declared a quarterly dividend of $1.35 per share, yielding 5.2%, while the company’s current dividend payout ratio stands at 119.73%.
• The company's latest earnings report shows an EPS of $3.58, exceeding the analysts’ expectations while revenue decreased by 2.5% compared to the same quarter last year.

Fifth Third Bancorp decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 9.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,930 shares of the financial services provider's stock after selling 3,699 shares during the period. Fifth Third Bancorp's holdings in Prudential Financial were worth $3,968,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. SPC Financial Inc. increased its holdings in Prudential Financial by 2.6% during the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after purchasing an additional 100 shares during the period. NorthCrest Asset Manangement LLC increased its holdings in Prudential Financial by 3.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock worth $306,000 after purchasing an additional 101 shares during the period. Thrive Wealth Management LLC increased its holdings in Prudential Financial by 2.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider's stock worth $430,000 after purchasing an additional 101 shares during the period. Principle Wealth Partners LLC increased its holdings in Prudential Financial by 0.3% during the 1st quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock worth $4,723,000 after purchasing an additional 109 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after purchasing an additional 111 shares during the period. Institutional investors and hedge funds own 56.83% of the company's stock.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm'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 transaction, the executive vice president owned 21,506 shares in the company, valued at $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Trading Up 1.7%

NYSE:PRU opened at $104.36 on Friday. The stock's 50 day moving average price is $105.28 and its 200 day moving average price is $105.03. The company has a market capitalization of $36.73 billion, a PE ratio of 23.14, a P/E/G ratio of 0.91 and a beta of 1.07. 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, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55.

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, topping analysts' consensus estimates of $3.22 by $0.36. The firm had revenue of $13.50 billion for 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 firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.39 EPS. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared 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. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is currently 119.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Piper Sandler cut their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Wolfe Research started coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley increased their price objective on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, Barclays increased their price objective on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Prudential Financial has an average rating of "Hold" and a consensus price target of $122.08.

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.

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