Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 3.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,097,926 shares of the financial services provider’s stock after selling 38,671 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.30% of Prudential Financial worth $109,200,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of PRU. Fairfield Bush & CO. acquired a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $36,000. Blair William & Co. IL raised its position in shares of Prudential Financial by 11.3% in the 1st quarter. Blair William & Co. IL now owns 50,600 shares of the financial services provider’s stock valued at $5,979,000 after acquiring an additional 5,126 shares during the period. Sei Investments Co. raised its position in shares of Prudential Financial by 6.4% in the 1st quarter. Sei Investments Co. now owns 90,235 shares of the financial services provider’s stock valued at $10,698,000 after acquiring an additional 5,452 shares during the period. Candriam Luxembourg S.C.A. raised its holdings in Prudential Financial by 0.7% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 47,576 shares of the financial services provider’s stock worth $5,621,000 after buying an additional 326 shares during the period. Finally, Baird Financial Group Inc. raised its holdings in Prudential Financial by 36.4% during the 1st quarter. Baird Financial Group Inc. now owns 135,716 shares of the financial services provider’s stock worth $16,037,000 after buying an additional 36,184 shares during the period. 56.33% of the stock is currently owned by institutional investors and hedge funds.
Prudential Financial Price Performance
NYSE PRU opened at $84.84 on Thursday. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.16. Prudential Financial, Inc. has a 12-month low of $75.37 and a 12-month high of $122.54. The company has a market capitalization of $31.13 billion, a PE ratio of -21.53, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The firm’s 50 day moving average is $91.44 and its 200-day moving average is $97.27.
Prudential Financial declared that its board has approved a share buyback program on Tuesday, February 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Prudential Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Tuesday, February 21st were paid a $1.25 dividend. The ex-dividend date was Friday, February 17th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 5.89%. Prudential Financial’s dividend payout ratio (DPR) is currently -126.90%.
Insider Activity at Prudential Financial
In related news, EVP Andrew F. Sullivan sold 11,405 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $100.95, for a total value of $1,151,334.75. Following the completion of the transaction, the executive vice president now directly owns 12,300 shares of the company’s stock, valued at $1,241,685. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Prudential Financial news, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $99.20, for a total transaction of $409,299.20. Following the completion of the transaction, the executive vice president now directly owns 12,241 shares of the company’s stock, valued at $1,214,307.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Andrew F. Sullivan sold 11,405 shares of Prudential Financial stock in a transaction on Friday, February 17th. The stock was sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the transaction, the executive vice president now directly owns 12,300 shares of the company’s stock, valued at $1,241,685. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several analysts have commented on PRU shares. Piper Sandler restated a “neutral” rating and set a $106.00 target price on shares of Prudential Financial in a report on Wednesday, February 8th. The Goldman Sachs Group downgraded shares of Prudential Financial from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $98.00 to $96.00 in a report on Monday, January 9th. Wells Fargo & Company raised their target price on shares of Prudential Financial from $97.00 to $100.00 and gave the stock an “underweight” rating in a report on Monday, February 13th. Barclays dropped their target price on shares of Prudential Financial from $104.00 to $88.00 in a report on Wednesday. Finally, StockNews.com initiated coverage on shares of Prudential Financial in a report on Thursday, March 16th. They set a “hold” rating on the stock. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $101.58.
About Prudential Financial
Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.
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