Shell Asset Management Co. Raises Stake in Prudential Financial, Inc. $PRU

Key Points

• Shell Asset Management Co. increased its stake in Prudential Financial, Inc. by 169.4% during Q2, owning 22,156 shares valued at approximately $2.38 million.
• Prudential Financial reported $3.58 earnings per share for the most recent quarter, exceeding estimates and indicating a year-over-year revenue decrease of 2.5%.
• The company announced a quarterly dividend of $1.35 per share, translating to an annualized yield of 5.2%, despite a payout ratio of 119.73%.

Shell Asset Management Co. raised its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 169.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,156 shares of the financial services provider's stock after purchasing an additional 13,933 shares during the quarter. Shell Asset Management Co.'s holdings in Prudential Financial were worth $2,380,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS lifted its holdings in Prudential Financial by 1.9% during the second quarter. KLP Kapitalforvaltning AS now owns 123,350 shares of the financial services provider's stock valued at $13,253,000 after purchasing an additional 2,300 shares in the last quarter. Capital Advisors Inc. OK lifted its holdings in Prudential Financial by 6.0% during the second quarter. Capital Advisors Inc. OK now owns 299,332 shares of the financial services provider's stock valued at $32,160,000 after purchasing an additional 17,034 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in Prudential Financial by 4.5% during the second quarter. Belpointe Asset Management LLC now owns 9,750 shares of the financial services provider's stock valued at $1,048,000 after purchasing an additional 417 shares in the last quarter. Valley National Advisers Inc. lifted its holdings in Prudential Financial by 116.6% during the second quarter. Valley National Advisers Inc. now owns 2,172 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 1,169 shares in the last quarter. Finally, Duncan Williams Asset Management LLC purchased a new position in Prudential Financial during the second quarter valued at approximately $898,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Trading Down 0.8%

Shares of PRU opened at $102.90 on Thursday. The company's fifty day moving average is $105.20 and its 200 day moving average is $104.72. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The stock has a market capitalization of $36.22 billion, a PE ratio of 22.82, a P/E/G ratio of 0.92 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16.

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

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.2%. Prudential Financial's payout ratio is 119.73%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares in the company, valued at $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Prudential Financial in a report on Tuesday, September 16th. They set a "peer perform" rating on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Prudential Financial in a report on Wednesday. Barclays lowered their target price on shares of Prudential Financial from $120.00 to $117.00 and set an "equal weight" rating on the stock in a report on Wednesday. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company lowered their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $121.92.

Prudential Financial Company 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.

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