The Manufacturers Life Insurance Company Decreases Holdings in Prudential Financial, Inc. (NYSE:PRU)

The Manufacturers Life Insurance Company reduced its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,412 shares of the financial services provider’s stock after selling 495 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Prudential Financial worth $25,830,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Creekmur Asset Management LLC grew its stake 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 valued at $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory bought a new stake in Prudential Financial in the second quarter valued at approximately $29,000. Crewe Advisors LLC bought a new position in shares of Prudential Financial in the first quarter worth approximately $33,000. ESL Trust Services LLC bought a new stake in Prudential Financial during the 1st quarter valued at $34,000. Finally, Riverview Trust Co purchased a new position in shares of Prudential Financial in the first quarter valued at about $37,000. 56.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 2,839 shares of the firm’s 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 transaction, 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 document filed with the SEC, which is accessible through this link. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of the company’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 transaction of $322,027.77. Following the completion of the sale, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRU shares. Barclays initiated coverage on Prudential Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 target price on the stock. Wells Fargo & Company raised Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 target price on the stock in a research note on Monday, August 12th. Citigroup raised their price target on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group decreased their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. boosted their price target 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 analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $120.83.

Prudential Financial Stock Up 0.2 %

Prudential Financial stock opened at $121.10 on Tuesday. Prudential Financial, Inc. has a 12 month low of $87.95 and a 12 month high of $128.52. The stock has a fifty day simple moving average of $117.22 and a two-hundred day simple moving average of $116.77. 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 firm has a market cap of $43.47 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 0.95 and a beta of 1.30.

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

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

Prudential Financial 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.