Prudential Financial, Inc. $PRU Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its holdings in Prudential Financial by 12.9%, owning approximately 390,766 shares valued at $41.98 million after selling 57,972 shares in the second quarter.
• Prudential Financial announced a quarterly dividend of $1.35 per share, yielding 5.4% with a dividend payout ratio of 119.73%.
• Analyst ratings for Prudential Financial have changed recently, with Wall Street Zen upgrading the stock from a "sell" to a "hold" rating, while JPMorgan Chase & Co. increased the target price from $126.00 to $136.00.

TD Asset Management Inc cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 12.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 390,766 shares of the financial services provider's stock after selling 57,972 shares during the period. TD Asset Management Inc owned approximately 0.11% of Prudential Financial worth $41,984,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PRU. Meeder Asset Management Inc. lifted its position in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 111 shares during the last quarter. Cheviot Value Management LLC purchased a new stake in shares of Prudential Financial during the first quarter valued at $26,000. North Capital Inc. purchased a new stake in shares of Prudential Financial during the first quarter valued at $28,000. AlphaQuest LLC raised its holdings 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 buying an additional 245 shares during the period. Finally, Clearstead Trust LLC raised its holdings in Prudential Financial by 350.8% during the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after buying an additional 207 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Trading Down 3.2%

NYSE PRU opened at $99.78 on Friday. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year 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 company has a market capitalization of $35.12 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 0.91 and a beta of 1.04. The firm's fifty day simple moving average is $105.11 and its 200-day simple moving average is $104.24.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The company had revenue of $8.35 billion for the quarter. As a group, sell-side analysts anticipate 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 given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Analyst Ratings Changes

Several analysts have issued reports on PRU shares. Wall Street Zen upgraded Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Barclays cut their target price on shares of Prudential Financial from $120.00 to $117.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 8th. Piper Sandler cut 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 note on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $122.27.

Insider Activity at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The shares were 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 represents a 15.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by company insiders.

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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