Candriam S.C.A. Sells 11,390 Shares of Prudential Financial, Inc. $PRU

Key Points

• Candriam S.C.A. reduced its stake in Prudential Financial, Inc. by 23.5% during the first quarter, owning 37,172 shares worth approximately $4.15 million after selling 11,390 shares.
• Several institutional investors have increased their stakes in Prudential Financial, with Northern Trust Corp. growing its position by 23.7% and acquiring nearly 898,000 shares recently.
• Prudential Financial announced a quarterly dividend of $1.35 per share, which represents a yield of 4.9% and has a payout ratio of 119.73%.

Candriam S.C.A. trimmed its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 23.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,172 shares of the financial services provider's stock after selling 11,390 shares during the period. Candriam S.C.A.'s holdings in Prudential Financial were worth $4,151,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PRU. Meeder Asset Management Inc. raised its stake in shares of Prudential Financial by 90.2% in 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 in the last quarter. Cheviot Value Management LLC bought a new position in shares of Prudential Financial in the 1st quarter valued at approximately $26,000. North Capital Inc. bought a new position in shares of Prudential Financial in the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial in the 1st quarter valued at approximately $30,000. Finally, Clearstead Trust LLC raised its stake in shares of Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 207 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Price Performance

NYSE PRU traded up $0.21 during trading on Wednesday, reaching $109.59. 936,851 shares of the company traded hands, compared to its average volume of 1,768,668. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The stock's 50 day moving average price is $105.42 and its two-hundred day moving average price is $105.83. The company has a market cap of $38.57 billion, a price-to-earnings ratio of 24.30, a P/E/G ratio of 0.97 and a beta of 1.07. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. The company 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 company's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $3.39 earnings per share. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's payout ratio is presently 119.73%.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, the insider owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRU. Morgan Stanley increased their target price on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research note on Monday, August 18th. Barclays increased their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Wells Fargo & Company decreased their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods reduced their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Finally, UBS Group dropped their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price 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.