Prudential Financial, Inc. $PRU Shares Sold by Joule Financial LLC

Key Points

• Joule Financial LLC has reduced its stake in Prudential Financial by 46.7% during Q2, now owning 4,833 shares valued at approximately $519,000.
• Prudential Financial reported $3.58 earnings per share for the last quarter, exceeding expectations, and a revenue of $13.50 billion, although it saw a 2.5% decline in year-over-year revenue.
• The company announced a quarterly dividend of $1.35 per share, resulting in an annualized yield of 5.2%, with a dividend payout ratio of 119.73%.

Joule Financial LLC trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 46.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,833 shares of the financial services provider's stock after selling 4,240 shares during the quarter. Joule Financial LLC's holdings in Prudential Financial were worth $519,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PRU. Meeder Asset Management Inc. increased its stake in Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 111 shares during the period. Cheviot Value Management LLC acquired a new position in Prudential Financial in the 1st quarter valued at about $26,000. North Capital Inc. purchased a new stake in Prudential Financial during the 1st quarter valued at approximately $28,000. AlphaQuest LLC lifted its position in Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock worth $28,000 after acquiring an additional 245 shares during the period. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Prudential Financial in the 1st quarter valued at approximately $30,000. Institutional investors and hedge funds own 56.83% of the company's stock.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $104.01 on Monday. The firm has a market capitalization of $36.61 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 0.92 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's 50 day simple moving average is $105.19 and its 200-day simple moving average is $104.79. 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 issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.36. The firm had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.Prudential Financial's revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.39 earnings per share. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial's dividend payout ratio is presently 119.73%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction dated Friday, August 29th. The shares were 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 owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

PRU has been the subject of several recent research reports. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Wolfe Research began coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They issued a "peer perform" rating for the company. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. 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 research report on Tuesday, July 8th. 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, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Prudential Financial has a consensus 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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