Public Employees Retirement System of Ohio Makes New $13.49 Million Investment in Prudential Financial, Inc. $PRU

Key Points

• Public Employees Retirement System of Ohio acquired 125,029 Prudential Financial shares during the second quarter, valued at approximately $13.49 million. Institutional investors collectively own 56.83% of PRU’s outstanding stock.
• Prudential reported quarterly earnings of $4.08 per share, exceeding analysts’ $3.52 estimate, while revenue of $14.15 billion fell slightly short of expectations.
• The company declared a quarterly dividend of $1.40 per share, equivalent to $5.60 annually and a 4.7% yield. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $109.31.

Public Employees Retirement System of Ohio bought a new stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 125,029 shares of the financial services provider's stock, valued at approximately $13,494,000.

A number of other hedge funds have also modified their holdings of PRU. Jessup Wealth Management Inc purchased a new stake in Prudential Financial in the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC purchased a new position in Prudential Financial during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. raised its stake in shares of Prudential Financial by 93.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 134 shares during the period. Coston McIsaac & Partners raised its stake in shares of Prudential Financial by 93.4% in the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 128 shares during the period. Finally, Basepoint Wealth LLC acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $30,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction that occurred 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 directly owned 14,407 shares in the company, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares of the company's stock, valued at $197,348,010.75. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the company a "hold" rating in a report on Friday, July 10th. Argus lowered Prudential Financial from a "buy" rating to a "hold" rating in a research report on Tuesday, June 9th. Piper Sandler lifted their price objective on Prudential Financial from $110.00 to $128.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. boosted their price objective on Prudential Financial from $129.00 to $131.00 and gave the company a "neutral" rating in a report on Monday, August 17th. Finally, Wall Street Zen upgraded Prudential Financial from a "hold" rating to a "buy" rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $109.31.

Prudential Financial Price Performance

Prudential Financial stock opened at $119.80 on Monday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The firm has a market cap of $41.33 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84. The company's 50 day moving average is $117.95 and its two-hundred day moving average is $106.29.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $14.36 billion. During the same quarter in the previous year, the firm posted $3.58 earnings per share. On average, research analysts expect that Prudential Financial, Inc. will post 14.51 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial's payout ratio is presently 50.72%.

Prudential Financial Company 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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