Prudential Financial, Inc. $PRU Shares Sold by Swedbank AB

Key Points

• Swedbank AB trimmed its Prudential Financial stake by 5.0% in the first quarter, selling 17,083 shares and leaving it with 324,981 shares worth about $31.7 million.
• Prudential beat earnings expectations in its latest quarterly report, posting $3.61 EPS versus the $3.09 consensus and revenue of $15.23 billion versus $14.10 billion expected.
• The company continues to pay a sizable dividend, recently distributing $1.40 per share quarterly, which works out to an annualized yield of about 5.0%.

Swedbank AB lessened its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 324,981 shares of the financial services provider's stock after selling 17,083 shares during the period. Swedbank AB owned about 0.09% of Prudential Financial worth $31,747,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Sunflower Bank N.A. grew its holdings in Prudential Financial by 3.2% in the fourth quarter. Sunflower Bank N.A. now owns 2,911 shares of the financial services provider's stock valued at $329,000 after purchasing an additional 91 shares during the period. Wetzel Investment Advisors Inc. raised its stake in shares of Prudential Financial by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 10,022 shares of the financial services provider's stock worth $1,131,000 after buying an additional 94 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Prudential Financial by 0.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 28,795 shares of the financial services provider's stock valued at $2,987,000 after buying an additional 97 shares in the last quarter. Transcend Capital Advisors LLC grew its stake in Prudential Financial by 2.4% in the 4th quarter. Transcend Capital Advisors LLC now owns 4,175 shares of the financial services provider's stock valued at $471,000 after acquiring an additional 98 shares during the period. Finally, Mindset Wealth Management LLC grew its stake in Prudential Financial by 2.1% in the 3rd quarter. Mindset Wealth Management LLC now owns 4,781 shares of the financial services provider's stock valued at $496,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRU. UBS Group reduced their price objective on shares of Prudential Financial from $105.00 to $98.00 and set a "neutral" rating for the company in a research report on Thursday, April 9th. Bank of America cut their target price on shares of Prudential Financial from $112.00 to $104.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Barclays upped their price target on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Tuesday. Wells Fargo & Company lifted their price objective on Prudential Financial from $93.00 to $100.00 and gave the stock an "underweight" rating in a report on Tuesday, May 12th. Finally, Piper Sandler boosted their price objective on Prudential Financial from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 24th. Eleven research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $102.08.

Prudential Financial Stock Down 2.4%

Shares of NYSE:PRU opened at $112.74 on Thursday. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $119.76. The stock has a market cap of $39.12 billion, a P/E ratio of 11.60, a PEG ratio of 2.10 and a beta of 0.85. The business has a fifty day moving average of $104.84 and a two-hundred day moving average of $104.02. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping the consensus estimate of $3.09 by $0.52. The business had revenue of $15.23 billion for the quarter, compared to analyst estimates of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same quarter in the previous year, the firm earned $3.29 EPS. On average, research analysts expect that Prudential Financial, Inc. will post 13.81 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, May 26th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a yield of 5.0%. Prudential Financial's payout ratio is 57.61%.

Prudential Financial Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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