Swiss National Bank Reduces Position in Prudential Financial, Inc. (NYSE:PRU)

Key Points

• The Swiss National Bank has decreased its position in Prudential Financial, Inc. by 0.4%, now owning 1,004,000 shares worth approximately $112 million.
• Recent insider trading saw a major shareholder, Insurance Co Of Ame Prudential, purchase 1,675,978 shares at an average cost of $28.64 per share, increasing its stake by 112.29%.
• Prudential Financial reported earnings of $3.58 per share, exceeding estimates, but experienced a 2.5% year-over-year decline in revenue.

Swiss National Bank decreased its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 0.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,004,000 shares of the financial services provider's stock after selling 4,500 shares during the period. Swiss National Bank owned 0.28% of Prudential Financial worth $112,127,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PRU. Meeder Asset Management Inc. raised its stake in Prudential Financial by 90.2% in the first 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. North Capital Inc. bought a new position in Prudential Financial in the first quarter worth approximately $28,000. Cheviot Value Management LLC bought a new position in Prudential Financial in the first quarter worth approximately $26,000. Clearstead Trust LLC raised its stake in 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 buying an additional 207 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in Prudential Financial in the first quarter worth approximately $30,000. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction 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 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

NYSE PRU opened at $103.29 on Friday. 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 stock's fifty day moving average price is $104.81 and its 200 day moving average price is $106.75. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a market cap of $36.36 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 0.95 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results 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. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. The firm had revenue of $13.50 billion for the quarter, compared to the consensus estimate of $13.47 billion. During the same period in the prior year, the firm earned $3.39 EPS. The firm's revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. UBS Group reduced their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. JPMorgan Chase & Co. upped their price target on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Piper Sandler reduced their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $121.75.

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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