Prudential Financial, Inc. (NYSE:PRU) Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Prudential Financial by 6.9%, acquiring an additional 7,458 shares and valuing its total holdings at approximately $12.79 million.
• Several hedge funds, including Northern Trust Corp and GAMMA Investing LLC, significantly increased their stakes in Prudential Financial, contributing to a total of 56.83% institutional ownership of the stock.
• Prudential Financial recently announced a quarterly dividend of $1.35 per share, with an annual yield of 5.0%, despite a net margin decline of 2.5% year-over-year.

Resona Asset Management Co. Ltd. lifted its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,786 shares of the financial services provider's stock after acquiring an additional 7,458 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Prudential Financial were worth $12,791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in PRU. Meeder Asset Management Inc. grew 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 buying an additional 111 shares during the period. Cheviot Value Management LLC purchased a new position in shares of Prudential Financial in the 1st quarter worth approximately $26,000. North Capital Inc. purchased a new position in Prudential Financial in the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of Prudential Financial in the first quarter worth $30,000. Finally, Clearstead Trust LLC increased its holdings in shares of Prudential Financial by 350.8% in the first quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after purchasing an additional 207 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This represents a 112.29% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Prudential Financial Trading Down 0.8%

Shares of NYSE:PRU traded down $0.84 during trading on Friday, reaching $105.98. 1,188,014 shares of the company were exchanged, compared to its average volume of 1,802,432. The firm has a market capitalization of $37.30 billion, a PE ratio of 23.50, a P/E/G ratio of 0.94 and a beta of 1.07. The business's fifty day simple moving average is $104.96 and its 200-day simple moving average is $106.27. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16.

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 (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.36. The company had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. Prudential Financial's revenue was down 2.5% compared to the same quarter last year. During the same period last year, the company posted $3.39 earnings per share. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

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 issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRU. Wells Fargo & Company reduced their price objective on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler lowered their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Barclays lifted their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Finally, Morgan Stanley decreased their price objective on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $121.75.

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.