Resona Asset Management Co. Ltd. Has $13.07 Million Stock Holdings in Prudential Financial, Inc. $PRU

Resona Asset Management Co. Ltd. lifted its stake in Prudential Financial, Inc. (NYSE:PRU) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 121,734 shares of the financial services provider’s stock after acquiring an additional 6,948 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $13,073,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PRU. Atlantic Union Bankshares Corp acquired a new position in shares of Prudential Financial during the 2nd quarter worth approximately $76,000. Asahi Life Asset Management CO. LTD. bought a new position in shares of Prudential Financial in the second quarter valued at $298,000. First Horizon Advisors Inc. increased its holdings in Prudential Financial by 8.4% during the second quarter. First Horizon Advisors Inc. now owns 198,583 shares of the financial services provider’s stock worth $21,336,000 after buying an additional 15,394 shares during the last quarter. Commonwealth Retirement Investments LLC raised its position in Prudential Financial by 4.5% during the second quarter. Commonwealth Retirement Investments LLC now owns 15,514 shares of the financial services provider’s stock worth $1,667,000 after acquiring an additional 672 shares in the last quarter. Finally, NewSquare Capital LLC lifted its stake in Prudential Financial by 3.3% in the second quarter. NewSquare Capital LLC now owns 82,456 shares of the financial services provider’s stock valued at $8,755,000 after acquiring an additional 2,615 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRU has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Prudential Financial in a research note on Wednesday, October 8th. Wolfe Research initiated coverage on Prudential Financial in a report on Tuesday, September 16th. They set a “peer perform” rating for the company. Keefe, Bruyette & Woods upped their price objective on Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research note on Monday, November 3rd. Piper Sandler reduced their target price on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, July 16th. Finally, Morgan Stanley boosted their target price on Prudential Financial from $117.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and an average price target of $120.73.

Insider Activity

In other news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president directly owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.

Prudential Financial Stock Performance

NYSE:PRU opened at $106.24 on Friday. The stock has a 50 day simple moving average of $103.75 and a 200 day simple moving average of $104.52. The stock has a market cap of $37.19 billion, a P/E ratio of 14.59, a PEG ratio of 0.88 and a beta of 1.05. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 EPS for the quarter. Prudential Financial had a return on equity of 16.98% and a net margin of 4.65%.The firm had revenue of $8.35 billion for the quarter. Research analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th will be issued a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial’s payout ratio is currently 74.18%.

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.