United Services Automobile Association Buys New Stake in Prudential Financial, Inc. $PRU

Key Points

• United Services Automobile Association acquired 8,970 shares of Prudential Financial, Inc. in Q1, valued at approximately $987,000.
• Prudential Financial's Q2 earnings exceeded analysts' expectations, reporting $3.58 earnings per share against a consensus of $3.22.
• The firm announced a quarterly dividend of $1.35 per share, with a projected annual yield of 5.1% and a payout ratio of 119.73%.

United Services Automobile Association bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,970 shares of the financial services provider's stock, valued at approximately $987,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Meeder Asset Management Inc. raised its position in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after buying an additional 111 shares during the period. AlphaQuest LLC raised its position in shares of Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after buying an additional 245 shares during the period. North Capital Inc. purchased a new stake in shares of Prudential Financial during the 1st quarter valued at approximately $28,000. Cheviot Value Management LLC purchased a new stake in shares of Prudential Financial during the 1st quarter valued at approximately $26,000. Finally, Clearstead Trust LLC raised its position in shares of Prudential Financial by 350.8% during the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock valued at $30,000 after buying an additional 207 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PRU. Piper Sandler reduced their price target 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. Wells Fargo & Company reduced their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. UBS Group reduced their price target on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Morgan Stanley boosted their target price on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. Finally, Barclays boosted their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Prudential Financial has an average rating of "Hold" and a consensus target price of $122.08.

Prudential Financial Stock Down 0.0%

Shares of Prudential Financial stock traded down $0.05 during trading hours on Friday, reaching $106.94. 1,628,323 shares of the company were exchanged, compared to its average volume of 1,752,105. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The stock's fifty day moving average is $105.67 and its 200 day moving average is $105.56. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $37.64 billion, a PE ratio of 23.71, a PEG ratio of 0.94 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.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 company earned $3.39 earnings per share. The company'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 business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.0%. Prudential Financial's dividend payout ratio is currently 119.73%.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the sale, the executive vice president owned 21,506 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the business's stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the transaction, the insider directly 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 position. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by corporate insiders.

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.