Prudential Financial, Inc. $PRU Stock Acquired by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Prudential Financial stake by 17.7% in the third quarter, adding 24,681 shares for a total holding worth approximately $18.6 million. Institutional investors collectively own 56.83% of PRU.
• Analyst sentiment remains cautious: PRU has a consensus rating of “Reduce”, with two Buy, nine Hold and six Sell ratings and an average price target of $111.27.
• Prudential reported quarterly earnings of $4.08 per share, beating estimates of $3.52, and maintains a quarterly dividend of $1.40, equivalent to a 4.8% annualized yield.

International Assets Investment Management LLC increased its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 17.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 163,773 shares of the financial services provider's stock after purchasing an additional 24,681 shares during the quarter. International Assets Investment Management LLC's holdings in Prudential Financial were worth $18,601,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Prudential Financial in the 2nd quarter worth about $3,507,481,000. Bank of New York Mellon Corp purchased a new position in Prudential Financial during the 2nd quarter valued at about $209,055,000. Bank of America Corp DE bought a new stake in shares of Prudential Financial during the second quarter valued at about $208,957,000. Deutsche Bank AG bought a new stake in shares of Prudential Financial during the second quarter valued at about $157,752,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Prudential Financial by 95.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider's stock valued at $249,769,000 after buying an additional 1,247,371 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on PRU. JPMorgan Chase & Co. reduced their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating for the company in a research note on Thursday, October 22nd. Morgan Stanley lowered their target price on shares of Prudential Financial from $105.00 to $100.00 and set an "underweight" rating on the stock in a research note on Monday, October 19th. Piper Sandler cut their price target on shares of Prudential Financial from $128.00 to $120.00 and set a "neutral" rating for the company in a report on Monday, October 12th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Prudential Financial from $105.00 to $102.00 and set a "hold" rating for the company in a report on Friday, October 23rd. Finally, Jefferies Financial Group reduced their price target on shares of Prudential Financial from $116.00 to $109.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $111.27.

Prudential Financial Stock Down 0.4%

PRU stock opened at $116.35 on Friday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The company's 50 day moving average is $116.96 and its 200 day moving average is $108.79. The stock has a market cap of $40.14 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth ratio of 1.95 and a beta of 0.85. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $127.72.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. During the same period last year, the firm posted $3.58 earnings per share. Sell-side analysts predict that Prudential Financial, Inc. will post 13.51 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.8%. Prudential Financial's dividend payout ratio is presently 50.72%.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann Kappler sold 7,652 shares of the firm's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president owned 14,407 shares in the company, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.05% of the company's stock.

About Prudential Financial

Prudential Financial, Inc NYSE: PRU is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.

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