Swedbank AB Trims Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Swedbank AB trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 299,232 shares of the financial services provider’s stock after selling 6,179 shares during the period. Swedbank AB owned about 0.08% of Prudential Financial worth $35,067,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cambridge Trust Co. boosted its stake in shares of Prudential Financial by 77.2% during the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 105 shares during the last quarter. Creekmur Asset Management LLC raised its position in shares of Prudential Financial by 78.8% in the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Prudential Financial during the second quarter valued at approximately $29,000. Crewe Advisors LLC acquired a new stake in Prudential Financial during the first quarter worth approximately $33,000. Finally, ESL Trust Services LLC purchased a new stake in Prudential Financial in the 1st quarter worth approximately $34,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PRU shares. Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. Citigroup upped their price objective on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Piper Sandler dropped their price target on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Finally, UBS Group lifted their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $119.42.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were acquired 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 owns 3,883,390 shares in the company, valued at $107,065,062.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.31% of the company’s stock.

Prudential Financial Stock Up 1.2 %

Shares of PRU stock traded up $1.34 during trading hours on Friday, reaching $114.90. The company had a trading volume of 3,366,204 shares, compared to its average volume of 1,516,846. The company has a market capitalization of $41.25 billion, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 0.85 and a beta of 1.34. 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, Inc. has a twelve month low of $87.95 and a twelve month high of $128.52. The stock’s fifty day simple moving average is $117.81 and its 200 day simple moving average is $114.34.

Prudential Financial Announces Dividend

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

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.