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

Key Points

• Rafferty Asset Management LLC sold 9,538 shares of Prudential Financial, reducing its holdings by 7.6%, leaving it with 116,056 shares valued at approximately $12.96 million.
• Major shareholder Insurance Co Of America acquired 1,675,978 shares of Prudential Financial, significantly increasing its stake by 112.29% and holding a total of 3,168,461 shares worth about $90.74 million.
• Prudential Financial announced a quarterly dividend of $1.35 per share, with a yield of 4.9%, but has a high payout ratio of 119.73%.

Rafferty Asset Management LLC reduced its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 7.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 116,056 shares of the financial services provider's stock after selling 9,538 shares during the quarter. Rafferty Asset Management LLC's holdings in Prudential Financial were worth $12,961,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock worth $2,320,000 after buying an additional 721 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of Prudential Financial by 728.4% during the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock worth $94,000 after buying an additional 743 shares during the period. HighTower Advisors LLC lifted its stake in shares of Prudential Financial by 68.2% during the first quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider's stock worth $12,373,000 after buying an additional 44,937 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Prudential Financial by 9.7% during the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after buying an additional 222 shares during the period. Finally, Sound Income Strategies LLC lifted its stake in shares of Prudential Financial by 9.0% during the first quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after buying an additional 2,913 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded up $1.04 during trading hours on Friday, reaching $109.78. The stock had a trading volume of 1,449,925 shares, compared to its average volume of 1,660,892. The stock's 50 day moving average is $105.73 and its 200 day moving average is $105.78. The firm has a market capitalization of $38.64 billion, a PE ratio of 24.34, a PEG ratio of 0.98 and a beta of 1.07. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month 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.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The business had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. During the same quarter in the previous year, the company earned $3.39 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts recently issued reports on PRU shares. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler decreased their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. UBS Group decreased their target price on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Barclays boosted their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley boosted their target price on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $122.08.

Insider Transactions at Prudential Financial

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

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.