AustralianSuper Pty Ltd Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

AustralianSuper Pty Ltd increased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,237,537 shares of the financial services provider’s stock after acquiring an additional 34,160 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Prudential Financial were worth $145,027,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of PRU. Creekmur Asset Management LLC grew its position in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after buying an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new position in Prudential Financial during the 2nd quarter worth $29,000. Crewe Advisors LLC bought a new stake in shares of Prudential Financial in the 1st quarter worth about $33,000. ESL Trust Services LLC acquired a new stake in shares of Prudential Financial in the 1st quarter valued at about $34,000. Finally, Riverview Trust Co bought a new position in shares of Prudential Financial during the first quarter worth about $37,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average price 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 approximately $107,065,062.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Prudential Financial Stock Performance

PRU traded down $0.09 during trading hours on Tuesday, hitting $117.92. The company’s stock had a trading volume of 1,059,907 shares, compared to its average volume of 1,501,824. The firm has a market capitalization of $42.33 billion, a PE ratio of 20.05, a PEG ratio of 0.89 and a beta of 1.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The company has a 50-day simple moving average of $117.87 and a 200 day simple moving average of $114.98. Prudential Financial, Inc. has a fifty-two week low of $87.95 and a fifty-two week high of $128.52.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 EPS 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 company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. As a group, sell-side analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Dividend Announcement

The company 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. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.41%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Piper Sandler reduced their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Argus upgraded Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Wells Fargo & Company upgraded shares of Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target on the stock in a research report on Monday, August 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus target price of $119.33.

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.