Prudential Financial, Inc. $PRU Shares Sold by Joule Financial LLC

Joule Financial LLC lessened its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 46.7% in the second quarter, HoldingsChannel reports. The firm owned 4,833 shares of the financial services provider’s stock after selling 4,240 shares during the quarter. Joule Financial LLC’s holdings in Prudential Financial were worth $519,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Nuveen LLC purchased a new position in shares of Prudential Financial during the first quarter valued at approximately $90,010,000. Goldman Sachs Group Inc. raised its holdings in Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock valued at $469,777,000 after acquiring an additional 678,028 shares during the last quarter. Amundi lifted its stake in shares of Prudential Financial by 14.1% during the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider’s stock worth $183,571,000 after purchasing an additional 216,119 shares during the period. AQR Capital Management LLC grew its position in shares of Prudential Financial by 72.8% in the first quarter. AQR Capital Management LLC now owns 424,659 shares of the financial services provider’s stock valued at $46,789,000 after purchasing an additional 178,888 shares during the period. Finally, Invesco Ltd. increased its stake in Prudential Financial by 2.7% in the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock valued at $495,859,000 after purchasing an additional 116,079 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several analysts have commented on PRU shares. Morgan Stanley lifted their price target on Prudential Financial from $113.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday, August 18th. Piper Sandler lowered their target price on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. Wells Fargo & Company cut their price target on shares of Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. upped 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, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $122.08.

Prudential Financial Stock Up 2.0%

Shares of Prudential Financial stock opened at $104.01 on Monday. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The stock has a market cap of $36.61 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 0.92 and a beta of 1.04. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $105.19 and a 200 day moving average price of $104.79.

Prudential Financial (NYSE:PRU) last issued its 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%.The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.39 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were paid a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 annualized dividend and a dividend yield of 5.2%. Prudential Financial’s dividend payout ratio is 119.73%.

Prudential Financial 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.