The Manufacturers Life Insurance Company Sells 3,663 Shares of Prudential Financial, Inc. $PRU

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Prudential Financial by 1.6%, selling 3,663 shares and owning a total of 218,644 shares valued at approximately $24.4 million.
• Major shareholder Insurance Co Of Ame Prudential purchased 1.68 million shares of Prudential Financial, increasing their ownership by 112.29% to approximately $90.7 million.
• Prudential Financial reported a Q2 EPS of $3.58, exceeding analysts' expectations, and declared a quarterly dividend of $1.35, representing a yield of 5.0%.

The Manufacturers Life Insurance Company trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 218,644 shares of the financial services provider's stock after selling 3,663 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Prudential Financial worth $24,418,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. SPC Financial Inc. increased its stake in Prudential Financial by 2.6% in the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after purchasing an additional 100 shares during the period. NorthCrest Asset Manangement LLC boosted its position in shares of Prudential Financial by 3.8% during the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 101 shares in the last quarter. Principle Wealth Partners LLC boosted its holdings in Prudential Financial by 0.3% in the first quarter. Principle Wealth Partners LLC now owns 42,294 shares of the financial services provider's stock worth $4,723,000 after acquiring an additional 109 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings 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 acquiring an additional 111 shares in the last quarter. Finally, Northcape Wealth Management LLC boosted its holdings in Prudential Financial by 5.8% in the first quarter. Northcape Wealth Management LLC now owns 2,106 shares of the financial services provider's stock worth $235,000 after acquiring an additional 115 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PRU shares. Morgan Stanley boosted their target price on Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. Barclays boosted their target price on Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Piper Sandler dropped their target price on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. upped their price target on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $122.08.

Prudential Financial Stock Performance

Prudential Financial stock traded down $3.22 during mid-day trading on Friday, reaching $105.62. 1,633,016 shares of the stock traded hands, compared to its average volume of 1,470,973. The stock has a market capitalization of $37.18 billion, a PE ratio of 23.42, 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. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55. The business's 50-day moving average is $105.88 and its 200-day moving average is $105.65.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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. The company had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.Prudential Financial's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.39 earnings per share. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

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

Insider Transactions at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president owned 21,506 shares of the company's stock, valued at $2,358,132.90. This represents 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 hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the company's stock in a transaction dated Monday, June 16th. The stock was acquired at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the purchase, the insider 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 disclosure for this purchase can be found here. Corporate insiders own 0.25% of the company's stock.

About Prudential Financial

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.