Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 54.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,869 shares of the financial services provider’s stock after selling 48,557 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Prudential Financial were worth $4,809,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PRU. Cullinan Associates Inc. increased its stake in Prudential Financial by 2,355.0% in the 1st quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock valued at $17,798,000 after buying an additional 145,423 shares during the period. National Bank of Canada FI increased its stake in shares of Prudential Financial by 44.9% during the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock worth $27,327,000 after acquiring an additional 71,274 shares during the period. ORG Partners LLC purchased a new position in Prudential Financial during the second quarter worth about $156,000. Russell Investments Group Ltd. lifted its position in Prudential Financial by 25.0% in the first quarter. Russell Investments Group Ltd. now owns 180,555 shares of the financial services provider’s stock valued at $21,171,000 after purchasing an additional 36,159 shares during the period. Finally, PGGM Investments grew its holdings in Prudential Financial by 98.0% during the second quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock worth $7,533,000 after acquiring an additional 31,807 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRU shares. JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Argus raised shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Morgan Stanley cut their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Barclays initiated coverage on Prudential Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $116.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $123.69.

Prudential Financial Price Performance

NYSE PRU opened at $123.46 on Friday. The stock has a market cap of $44.08 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 0.96 and a beta of 1.30. The business has a 50 day simple moving average of $120.20 and a 200 day simple moving average of $117.80. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last posted its earnings results 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 return on equity of 16.00% and a net margin of 4.86%. The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Analysts anticipate that Prudential Financial, Inc. will post 13.3 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.21%. Prudential Financial’s dividend payout ratio (DPR) is currently 66.84%.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were bought at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

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.