56,803 Shares in Prudential Financial, Inc. $PRU Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new stake in Prudential Financial, Inc. (NYSE:PRU) during the second quarter, HoldingsChannel reports. The fund acquired 56,803 shares of the financial services provider’s stock, valued at approximately $6,203,000.

A number of other institutional investors have also recently bought and sold shares of PRU. Glenview Trust Co acquired a new position in shares of Prudential Financial in the 2nd quarter valued at $274,000. Empowered Funds LLC acquired a new stake in shares of Prudential Financial during the second quarter worth $4,525,000. United Capital Financial Advisors LLC bought a new stake in Prudential Financial in the second quarter valued at about $1,388,000. Old North State Trust LLC bought a new position in Prudential Financial during the second quarter worth about $200,000. Finally, Equitable Holdings Inc. bought a new position in Prudential Financial during the second quarter worth about $2,466,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PRU shares. Morgan Stanley upped their price target on Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a research note on Monday, August 24th. Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. TD Cowen upped their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research note on Wednesday, July 22nd. Barclays increased their target price on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Tuesday, July 7th. Finally, Mizuho boosted their price target on shares of Prudential Financial from $101.00 to $109.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $109.31.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the sale, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann M. Kappler sold 7,652 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by corporate insiders.

Prudential Financial Stock Down 0.5%

Prudential Financial stock opened at $119.80 on Friday. The company has a 50 day moving average of $117.95 and a 200-day moving average of $106.27. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $127.72. The stock has a market capitalization of $41.33 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 2.25 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period last year, the business posted $3.58 earnings per share. On average, equities research analysts anticipate that Prudential Financial, Inc. will post 14.51 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Tuesday, August 25th. Prudential Financial’s payout ratio is 50.72%.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.