The Manufacturers Life Insurance Company Trims Holdings in Prudential Financial, Inc. $PRU

Key Points

• The Manufacturers Life Insurance Company reduced its Prudential Financial stake by 5.2%, selling 9,529 shares and retaining 174,531 shares valued at approximately $18.8 million. Institutional investors collectively own 56.83% of PRU.
• Prudential reported quarterly EPS of $4.08, beating estimates of $3.52, while revenue of $14.15 billion fell short of expectations. The company maintains a $1.40 quarterly dividend, equivalent to a 4.7% annual yield.
• PRU shares opened at $119.18, but analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average target price of $109.31, below its current price.

The Manufacturers Life Insurance Company lowered its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 5.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 174,531 shares of the financial services provider's stock after selling 9,529 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Prudential Financial worth $18,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. California State Teachers Retirement System boosted its holdings in shares of Prudential Financial by 10,014.4% in the 2nd quarter. California State Teachers Retirement System now owns 63,173,911 shares of the financial services provider's stock valued at $6,818,360,000 after acquiring an additional 62,549,318 shares during the last quarter. BlackRock Inc. acquired a new stake in Prudential Financial during the 2nd quarter worth about $3,507,481,000. Bank of New York Mellon Corp purchased a new stake in shares of Prudential Financial in the second quarter worth about $209,055,000. Bank of America Corp DE acquired a new stake in Prudential Financial during the second quarter worth about $208,957,000. Finally, Deutsche Bank AG purchased a new stake in Prudential Financial in the 2nd quarter worth approximately $157,752,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president owned 14,407 shares of the company's stock, valued at $1,801,019.07. This represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is owned by corporate insiders.

Prudential Financial Trading Up 0.6%

Shares of NYSE:PRU opened at $119.18 on Friday. The business's 50 day moving average price is $120.03 and its 200-day moving average price is $107.38. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $127.72. The firm has a market capitalization of $41.12 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 1.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter in the previous year, the firm earned $3.58 EPS. On average, equities research analysts forecast that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. Prudential Financial's payout ratio is currently 50.72%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PRU. TD Cowen lifted their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Wells Fargo & Company lifted their price objective on shares of Prudential Financial from $103.00 to $110.00 and gave the company an "underweight" rating in a report on Wednesday, August 19th. Morgan Stanley increased their target price on shares of Prudential Financial from $92.00 to $105.00 and gave the stock an "underweight" rating in a research note on Monday, August 24th. Finally, Wall Street Zen cut Prudential Financial from a "buy" rating to a "hold" rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of "Reduce" and a consensus target price of $109.31.

Prudential Financial Company Profile

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.

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