Wellington Management Group LLP Purchases New Position in Prudential Financial, Inc. $PRU

Wellington Management Group LLP purchased a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,175 shares of the financial services provider's stock, valued at approximately $578,000.

Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. raised its holdings 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 worth $26,000 after acquiring an additional 111 shares during the period. Cheviot Value Management LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $26,000. North Capital Inc. purchased a new stake in Prudential Financial in the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new stake in Prudential Financial in the 1st quarter valued at about $30,000. Finally, Clearstead Trust LLC raised its holdings in Prudential Financial by 350.8% in 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. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Down 3.0%

Shares of Prudential Financial stock traded down $3.22 on Friday, reaching $105.62. 1,633,016 shares of the company were exchanged, compared to its average volume of 1,470,973. 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 $37.18 billion, a P/E 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. The stock's 50 day moving average price is $105.88 and its 200-day moving average price is $105.65.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS 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 during the quarter, compared to the consensus estimate of $13.47 billion. During the same period in the previous year, the company posted $3.39 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on PRU shares. Morgan Stanley boosted their price objective on shares of Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. Wells Fargo & Company reduced their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. Barclays boosted their price objective on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Piper Sandler reduced their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $122.08.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction that occurred on 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 directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the insider directly owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.