Raiffeisen Bank International AG Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Raiffeisen Bank International AG increased its stake in Prudential Financial by 17.1% during the 1st quarter, owning 63,321 shares valued at approximately $6.97 million as of its latest filing.
• Various institutional investors, including Northern Trust Corp and UBS AM, have also raised their holdings in Prudential Financial, with institutional investors owning 56.83% of the company's stock.
• Prudential Financial announced a quarterly dividend of $1.35 per share, reflecting an annualized yield of 5.4% and a payout ratio of 119.73%.

Raiffeisen Bank International AG increased its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 17.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 63,321 shares of the financial services provider's stock after purchasing an additional 9,231 shares during the period. Raiffeisen Bank International AG's holdings in Prudential Financial were worth $6,970,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp raised its position in shares of Prudential Financial by 23.7% during the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after purchasing an additional 897,916 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Prudential Financial by 11.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock worth $404,230,000 after buying an additional 352,335 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Prudential Financial by 6.1% during the fourth quarter. Ameriprise Financial Inc. now owns 1,706,530 shares of the financial services provider's stock worth $202,279,000 after buying an additional 97,406 shares in the last quarter. Mariner LLC grew its stake in Prudential Financial by 3.7% in the 4th quarter. Mariner LLC now owns 1,476,899 shares of the financial services provider's stock valued at $175,051,000 after purchasing an additional 52,010 shares during the period. Finally, Federated Hermes Inc. grew its stake in Prudential Financial by 7.8% in the 1st quarter. Federated Hermes Inc. now owns 1,176,359 shares of the financial services provider's stock valued at $131,376,000 after purchasing an additional 85,480 shares during the period. Institutional investors own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler cut their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. JPMorgan Chase & Co. increased their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Morgan Stanley dropped their price objective on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Barclays lifted their price target on 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, UBS Group dropped their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Prudential Financial has an average rating of "Hold" and a consensus target price of $121.75.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.

Prudential Financial Trading Up 0.9%

Shares of PRU stock traded up $0.95 during trading hours on Wednesday, reaching $104.13. The company's stock had a trading volume of 1,656,482 shares, compared to its average volume of 1,679,641. The stock has a market capitalization of $36.65 billion, a P/E ratio of 23.09, a P/E/G ratio of 0.95 and a beta of 1.07. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The firm's fifty day simple moving average is $104.87 and its 200 day simple moving average is $107.09. 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 issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the company earned $3.39 EPS. Equities research analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial's dividend payout ratio is currently 119.73%.

About Prudential Financial

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.