Wellington Management Group LLP Lowers Stock Position in Prudential Financial, Inc. $PRU

Wellington Management Group LLP lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 15.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,014 shares of the financial services provider’s stock after selling 6,596 shares during the period. Wellington Management Group LLP’s holdings in Prudential Financial were worth $3,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Archer Investment Corp purchased a new position in Prudential Financial in the second quarter worth $26,000. Kingsview Wealth Management LLC bought a new stake in Prudential Financial during the second quarter worth about $1,673,000. Beacon Pointe Advisors LLC purchased a new position in shares of Prudential Financial in the 2nd quarter worth about $1,202,000. 49 Wealth Management LLC purchased a new position in shares of Prudential Financial in the 2nd quarter worth about $205,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Prudential Financial during the 2nd quarter valued at about $245,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Activity

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares in the company, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the transaction, the insider owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Piper Sandler boosted their target price on Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Morgan Stanley lifted their price target on shares of Prudential Financial from $92.00 to $105.00 and gave the stock an “underweight” rating in a research note on Monday, August 24th. Zacks Research raised shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. TD Cowen lifted their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Prudential Financial from $103.00 to $110.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $109.31.

Prudential Financial Stock Performance

NYSE:PRU opened at $117.64 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The firm has a market cap of $40.59 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.80 and a beta of 0.83. The business has a 50 day moving average price of $119.79 and a 200-day moving average price of $107.19.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period in the previous year, the firm earned $3.58 earnings per share. Equities research analysts predict that Prudential Financial, Inc. will post 14.51 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial’s dividend payout ratio is 50.72%.

Prudential Financial Profile

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.