Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 14.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 794,604 shares of the financial services provider’s stock after selling 132,037 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.22% of Prudential Financial worth $93,120,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Analysts LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth about $46,000. SVB Wealth LLC increased its holdings in shares of Prudential Financial by 1.8% in the fourth quarter. SVB Wealth LLC now owns 16,233 shares of the financial services provider’s stock valued at $1,683,000 after purchasing an additional 293 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Prudential Financial by 5.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 32,948 shares of the financial services provider’s stock worth $3,417,000 after buying an additional 1,804 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Prudential Financial by 71.1% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,360 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 565 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Prudential Financial by 0.7% during the fourth quarter. Federated Hermes Inc. now owns 601,006 shares of the financial services provider’s stock worth $62,330,000 after purchasing an additional 4,220 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of PRU opened at $114.89 on Monday. The firm has a market capitalization of $41.25 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 0.86 and a beta of 1.34. The firm’s fifty day simple moving average is $117.75 and its 200-day simple moving average is $114.53. Prudential Financial, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.53%. The ex-dividend date is Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Analyst Upgrades and Downgrades

PRU has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Prudential Financial from $118.00 to $121.00 and gave the company a “market perform” rating in a research report on Monday, July 8th. Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Evercore ISI boosted their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. UBS Group increased their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Morgan Stanley upped their price objective on shares of Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $119.42.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

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.