Prudential Financial, Inc. $PRU Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 9.1% in the second quarter, Holdings Channel reports. The fund owned 36,930 shares of the financial services provider’s stock after selling 3,699 shares during the period. Fifth Third Bancorp’s holdings in Prudential Financial were worth $3,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 111 shares during the period. AlphaQuest LLC lifted its holdings in shares of Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock valued at $28,000 after buying an additional 245 shares during the period. North Capital Inc. acquired a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $28,000. Cheviot Value Management LLC acquired a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $26,000. Finally, Clearstead Trust LLC lifted its holdings in shares of Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock valued at $30,000 after buying an additional 207 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

Shares of PRU stock opened at $104.36 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a fifty day moving average price of $105.28 and a 200 day moving average price of $105.03. The stock has a market cap of $36.73 billion, a PE ratio of 23.14, a P/E/G ratio of 0.91 and a beta of 1.07. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.36. The company had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.Prudential Financial’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.39 earnings per share. Sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.2%. Prudential Financial’s dividend payout ratio (DPR) is presently 119.73%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wells Fargo & Company reduced their price target on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday, July 16th. Wall Street Zen raised Prudential Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Barclays raised their price target on Prudential Financial from $119.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, July 17th. Wolfe Research started coverage on Prudential Financial in a report on Tuesday, September 16th. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $122.08.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.25% of the company’s stock.

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.