Citizens Financial Group Inc RI reduced its stake in Prudential Financial Inc (NYSE:PRU) by 40.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,786 shares of the financial services provider’s stock after selling 1,863 shares during the quarter. Citizens Financial Group Inc RI’s holdings in Prudential Financial were worth $145,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of PRU. Norges Bank bought a new stake in Prudential Financial in the fourth quarter worth approximately $536,603,000. BlackRock Inc. increased its holdings in Prudential Financial by 6.1% in the first quarter. BlackRock Inc. now owns 33,671,521 shares of the financial services provider’s stock worth $1,755,633,000 after purchasing an additional 1,927,927 shares in the last quarter. Prudential PLC bought a new stake in Prudential Financial in the first quarter worth approximately $48,975,000. Stifel Financial Corp increased its holdings in Prudential Financial by 622.0% in the fourth quarter. Stifel Financial Corp now owns 820,033 shares of the financial services provider’s stock worth $76,648,000 after purchasing an additional 706,460 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Prudential Financial by 23.1% in the first quarter. Swiss National Bank now owns 1,560,254 shares of the financial services provider’s stock worth $81,352,000 after purchasing an additional 292,600 shares in the last quarter. 63.37% of the stock is currently owned by institutional investors.
Shares of NYSE:PRU opened at $56.28 on Friday. The stock has a market cap of $22.78 billion, a price-to-earnings ratio of 7.81, a PEG ratio of 0.70 and a beta of 1.71. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.33. Prudential Financial Inc has a 12-month low of $38.62 and a 12-month high of $103.56. The business’s 50 day moving average is $55.39 and its 200 day moving average is $78.11.
Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.84 by ($0.52). The company had revenue of $13.33 billion for the quarter, compared to analysts’ expectations of $14.81 billion. Prudential Financial had a net margin of 5.16% and a return on equity of 7.13%. During the same period in the previous year, the firm earned $3.00 EPS. As a group, equities research analysts expect that Prudential Financial Inc will post 9.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Tuesday, May 26th will be given a dividend of $1.10 per share. The ex-dividend date is Friday, May 22nd. This represents a $4.40 annualized dividend and a dividend yield of 7.82%. Prudential Financial’s payout ratio is 37.64%.
In related news, SVP Nicholas C. Silitch sold 8,200 shares of Prudential Financial stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $88.17, for a total transaction of $722,994.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.
A number of equities research analysts have weighed in on PRU shares. Piper Sandler downgraded Prudential Financial from an “overweight” rating to a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley decreased their price objective on Prudential Financial from $102.00 to $64.00 and set an “equal weight” rating for the company in a report on Tuesday, March 17th. Royal Bank of Canada downgraded Prudential Financial from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $110.00 to $68.00 in a report on Friday, March 20th. DOWLING & PARTN downgraded Prudential Financial from a “buy” rating to a “neutral” rating in a report on Tuesday, April 28th. Finally, ValuEngine downgraded Prudential Financial from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. Prudential Financial currently has a consensus rating of “Hold” and a consensus target price of $79.71.
Prudential Financial Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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