Wellington Management Group LLP Lowers Position in Prudential Financial, Inc. $PRU

Wellington Management Group LLP trimmed its position in Prudential Financial, Inc. (NYSE:PRU) by 15.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,014 shares of the financial services provider’s stock after selling 6,596 shares during the period. Wellington Management Group LLP’s holdings in Prudential Financial were worth $3,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after buying an additional 133 shares during the period. Empowered Funds LLC lifted its position in Prudential Financial by 30.5% during the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock valued at $1,976,000 after acquiring an additional 4,134 shares during the period. Brown Advisory Inc. boosted its stake in Prudential Financial by 3.5% during the second quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock worth $447,000 after acquiring an additional 140 shares in the last quarter. AXA S.A. grew its holdings in Prudential Financial by 25.8% in the second quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock worth $6,092,000 after purchasing an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Prudential Financial by 15.1% during the second quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock valued at $4,005,000 after purchasing an additional 4,895 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president owned 14,407 shares in the company, valued at $1,801,019.07. This trade represents a 34.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays boosted their price target on Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 7th. Mizuho boosted their target price on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their target price on Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a research note on Monday, August 17th. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Finally, Morgan Stanley increased their price objective on shares of Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $109.31.

Prudential Financial Stock Down 1.5%

PRU stock opened at $117.64 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1-year low of $91.89 and a 1-year high of $127.72. The stock has a market capitalization of $40.59 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.80 and a beta of 0.83. The business has a fifty day moving average price of $119.79 and a 200-day moving average price of $107.19.

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

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.8%. Prudential Financial’s dividend payout ratio is 50.72%.

Prudential Financial Company Profile

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.