State of Michigan Retirement System Trims Stock Holdings in Prudential Financial, Inc. (NYSE:PRU)

State of Michigan Retirement System lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.0% in the second quarter, HoldingsChannel.com reports. The firm owned 106,355 shares of the financial services provider’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Prudential Financial were worth $12,464,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRU. Creekmur Asset Management LLC grew its position in Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Prudential Financial in the second quarter worth $29,000. Crewe Advisors LLC purchased a new stake in shares of Prudential Financial during the first quarter worth $33,000. ESL Trust Services LLC acquired a new stake in shares of Prudential Financial in the first quarter valued at $34,000. Finally, Riverview Trust Co purchased a new position in Prudential Financial in the first quarter valued at $37,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PRU. Citigroup increased their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group dropped their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Argus raised Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Piper Sandler lowered their price target on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, UBS Group boosted their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $119.33.

Prudential Financial Trading Down 0.0 %

Shares of Prudential Financial stock opened at $117.98 on Tuesday. Prudential Financial, Inc. has a 1 year low of $87.95 and a 1 year high of $128.52. The company has a market capitalization of $42.35 billion, a P/E ratio of 20.07, a P/E/G ratio of 0.89 and a beta of 1.34. The business has a 50 day moving average price of $117.87 and a 200 day moving average price of $114.98. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The company had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.41%. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Insiders Place Their Bets

In related news, EVP Ann M. Kappler sold 2,839 shares of the company’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 completion of the transaction, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Ann M. Kappler sold 2,839 shares of the firm’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 value of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

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.