Mitsubishi UFJ Asset Management Co. Ltd. Increases Holdings in Prudential Financial, Inc. $PRU

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 7.0% in the second quarter, HoldingsChannel reports. The firm owned 675,324 shares of the financial services provider’s stock after acquiring an additional 44,205 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $72,557,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PRU. Proffitt & Goodson Inc. increased its stake in shares of Prudential Financial by 12.7% in the second quarter. Proffitt & Goodson Inc. now owns 871 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 98 shares during the period. SPC Financial Inc. boosted its holdings in Prudential Financial by 2.6% in the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 100 shares during the last quarter. Thrive Wealth Management LLC raised its stake in shares of Prudential Financial by 2.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider’s stock valued at $430,000 after buying an additional 101 shares during the last quarter. Eagle Capital Management LLC lifted its holdings in shares of Prudential Financial by 0.3% in the 2nd quarter. Eagle Capital Management LLC now owns 35,806 shares of the financial services provider’s stock valued at $3,847,000 after buying an additional 108 shares during the period. Finally, TIAA Trust National Association boosted its stake in shares of Prudential Financial by 2.7% in the second quarter. TIAA Trust National Association now owns 4,142 shares of the financial services provider’s stock worth $445,000 after buying an additional 108 shares during the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Up 1.0%

Shares of PRU opened at $106.24 on Monday. The stock has a 50 day moving average price of $103.75 and a 200 day moving average price of $104.57. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. 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 market capitalization of $37.19 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 0.88 and a beta of 1.05.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The business had revenue of $8.35 billion during the quarter. Prudential Financial had a net margin of 4.65% and a return on equity of 16.98%. 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 will be paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.1%. The ex-dividend date is Tuesday, November 18th. Prudential Financial’s payout ratio is presently 74.18%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PRU. Piper Sandler dropped their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 16th. Barclays decreased their price objective on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Weiss Ratings restated a “hold (c)” rating on shares of Prudential Financial in a research note on Wednesday, October 8th. Wells Fargo & Company lowered their price target on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $120.73.

Insider Buying and Selling at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by company insiders.

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.