State of New Jersey Common Pension Fund D Has $12.35 Million Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Prudential Financial, Inc. by 10.7% in the first quarter, now owning 110,608 shares valued at approximately $12.35 million.
• Prudential Financial recently announced a quarterly dividend of $1.35 per share, representing a 5.1% dividend yield, with a payout ratio of 119.73%.
• Several institutional investors, including Northern Trust Corp and Goldman Sachs Group Inc., have increased their positions in Prudential Financial, indicating strong interest from major financial players.

State of New Jersey Common Pension Fund D trimmed its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 10.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 110,608 shares of the financial services provider's stock after selling 13,267 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Prudential Financial were worth $12,353,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PRU. Northern Trust Corp lifted its stake in shares of Prudential Financial by 23.7% in the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider's stock worth $555,513,000 after buying an additional 897,916 shares during the last quarter. GAMMA Investing LLC increased its position in Prudential Financial by 11,280.3% during the first quarter. GAMMA Investing LLC now owns 867,865 shares of the financial services provider's stock worth $96,923,000 after acquiring an additional 860,239 shares during the period. Nuveen LLC bought a new position in Prudential Financial during the first quarter worth $90,010,000. Goldman Sachs Group Inc. increased its position in Prudential Financial by 19.2% during the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after acquiring an additional 678,028 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position 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 acquiring an additional 352,335 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Trading Down 0.8%

Shares of Prudential Financial stock opened at $105.98 on Friday. The firm has a market capitalization of $37.30 billion, a PE ratio of 23.50, a price-to-earnings-growth 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. The company's fifty day moving average price is $104.96 and its two-hundred day moving average price is $106.27. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its 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 business had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same quarter in the prior year, the firm earned $3.39 EPS. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. On average, analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be issued a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.1%. Prudential Financial's dividend payout ratio is presently 119.73%.

Insider Buying and Selling at Prudential Financial

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PRU shares. Barclays boosted their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Piper Sandler dropped their target price on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley dropped their target price on shares of Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus 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.

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