Prudential Financial, Inc. (NYSE:PRU) Shares Sold by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP trimmed its holdings in Prudential Financial, Inc. (NYSE:PRU) by 4.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,176 shares of the financial services provider’s stock after selling 264 shares during the quarter. DoubleLine ETF Adviser LP’s holdings in Prudential Financial were worth $724,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after buying an additional 5,154,865 shares in the last quarter. AustralianSuper Pty Ltd grew its holdings in Prudential Financial by 2.8% in the 2nd quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock worth $145,027,000 after buying an additional 34,160 shares in the last quarter. Federated Hermes Inc. grew its holdings in Prudential Financial by 8.8% in the 2nd quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock worth $120,181,000 after buying an additional 82,620 shares in the last quarter. Stifel Financial Corp grew its holdings in Prudential Financial by 0.4% in the 4th quarter. Stifel Financial Corp now owns 1,003,558 shares of the financial services provider’s stock worth $104,080,000 after buying an additional 4,006 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Prudential Financial by 7.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 926,641 shares of the financial services provider’s stock worth $108,788,000 after buying an additional 62,578 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Stock Performance

PRU opened at $120.54 on Friday. The business has a fifty day simple moving average of $117.45 and a 200-day simple moving average of $116.55. The firm has a market cap of $43.27 billion, a PE ratio of 20.50, a P/E/G ratio of 0.96 and a beta of 1.30. Prudential Financial, Inc. has a fifty-two week low of $87.95 and a fifty-two week high of $128.52. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last released its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The business had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, equities analysts predict that Prudential Financial, Inc. will post 13.3 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.31%. Prudential Financial’s payout ratio is currently 88.44%.

Insider Activity

In other news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, 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. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PRU shares. JPMorgan Chase & Co. increased their price target on Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Argus raised Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group decreased their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target for the company in a research note on Monday, August 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $120.83.

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.