Varma Mutual Pension Insurance Co Cuts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Varma Mutual Pension Insurance Co lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 3.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 143,839 shares of the financial services provider’s stock after selling 5,761 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Prudential Financial were worth $16,856,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Gilbert & Cook Inc. lifted its position in Prudential Financial by 3.5% in the 4th quarter. Gilbert & Cook Inc. now owns 10,226 shares of the financial services provider’s stock valued at $1,061,000 after acquiring an additional 344 shares in the last quarter. Principal Securities Inc. bought a new position in Prudential Financial in the 4th quarter valued at approximately $1,006,000. Teacher Retirement System of Texas lifted its position in Prudential Financial by 10.4% in the 4th quarter. Teacher Retirement System of Texas now owns 35,425 shares of the financial services provider’s stock valued at $3,674,000 after acquiring an additional 3,329 shares in the last quarter. QRG Capital Management Inc. lifted its position in Prudential Financial by 2.9% in the 4th quarter. QRG Capital Management Inc. now owns 14,139 shares of the financial services provider’s stock valued at $1,466,000 after acquiring an additional 398 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Prudential Financial by 10.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock valued at $414,926,000 after buying an additional 388,363 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 3.8 %

Shares of Prudential Financial stock opened at $113.25 on Monday. The firm has a market cap of $40.43 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 0.88 and a beta of 1.30. The business has a 50-day moving average price of $118.15 and a 200-day moving average price of $115.73. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The firm had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Equities research analysts anticipate that Prudential Financial, Inc. will post 13.31 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares in the company, valued at $107,065,062.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the firm’s stock in a transaction 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 purchase, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRU shares. UBS Group increased their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Wells Fargo & Company upgraded Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price objective for the company in a research note on Monday, August 12th. Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Barclays initiated coverage on Prudential Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $120.83.

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.