Prudential Financial, Inc. (NYSE:PRU) Stake Increased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Prudential Financial by 18.2%, acquiring an additional 51,673 shares and holding a total of 336,355 shares valued at approximately $37.47 million.
• Prudential Financial recently announced a quarterly dividend of $1.35, resulting in an annualized yield of 5.1%, with a payout ratio of 119.73%.
• The company's earnings report revealed $3.58 earnings per share, exceeding estimates, but its revenue decreased by 2.5% year-over-year, totaling $13.50 billion.

Russell Investments Group Ltd. grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 336,355 shares of the financial services provider's stock after purchasing an additional 51,673 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.10% of Prudential Financial worth $37,467,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PRU. Meeder Asset Management Inc. grew its holdings in Prudential Financial by 90.2% in the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after buying an additional 111 shares in the last quarter. Cheviot Value Management LLC bought a new position in Prudential Financial in the 1st quarter worth approximately $26,000. North Capital Inc. bought a new position in Prudential Financial in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new position in Prudential Financial in the 1st quarter worth approximately $30,000. Finally, Clearstead Trust LLC grew its holdings in Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after buying an additional 207 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Morgan Stanley decreased their price objective on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Piper Sandler decreased 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. Barclays increased their price target 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. Finally, Wells Fargo & Company decreased their price target 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $121.75.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The stock was bought at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

Shares of NYSE:PRU traded down $0.84 on Friday, reaching $105.98. 1,188,014 shares of the company traded hands, compared to its average volume of 1,802,432. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company's 50 day moving average is $104.96 and its 200-day moving average is $106.27. The stock 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 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 announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. The company had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. During the same quarter in the prior year, the firm earned $3.39 EPS. The company's quarterly revenue was down 2.5% compared to the same quarter last year. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's dividend payout ratio is 119.73%.

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.